USDJPY- Sell Setup- A short term top@113.89 is in place

FX:USDJPY   U.S. Dollar / Japanese Yen
673 28 27
Current Price@112.28

Likely a short term top is in place@113.89- I am keenly watching for that lucrative sell setup where UJ looks to move initially to 111.15-111.35 zone where it could find next support or profit booking going below 112 or shall be looking to sell on a bounce in the 112.40-112.50 zone which is 61.8% pullback of the current fall from 113.20 to 111.35

Strict Stops@ 113.35

Short Term Divergence at top@113.89

Previous Analysis- Got in the bulls shoes at 110.85
Comment: 17:01 Hrs 28th Nov2016

AUDUSD Analysis

Last Price@0.7465

AUDUSD is moving in the desired direction from 0.7365

Trade active: 19:13 Hrs 28th Nov2016

Last Price@112.65

Suggested that we will look for selling in 112.40-112.50 zone - UJ has stretched a little bit upside so taking sell is risky & if it starts moving above 113.30 swing high -it will try to go close to previous high@113.89 or even higher.

So avoid any sell in current scenario & we shall wait- keeping in mind that the bulls are still active
Trade active: 18:26 Hrs 29th Nov2016

Last Price@112.90

113.35 -Strict Stoploss should work wonders - UJ just went close by to 113.13-just now only 17-20 pips away- likely falls if goes below 112.79 & sustains or falls below the rising blue trendline.

Trade active: 20:12 Hrs 29th Nov2016

Last Price@112.89

Recent low@112.80

The magic of 113.35 - UJ takes U-turn with just 1 pip remaining on the top - downside just bounced from 112.79- magical levels likely some bounce & fall below 112.79 will continue the fall for UJ
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Abhishek Sir, do u mean trade is active only if UJ goes down below 112.79 ?
@gulz, Yes- that is small setup in between but likely UJ should dip going below 111.30 lows
gulz AbhishekHSinghCMT
@AbhishekHSinghCMT, Shorted @ 113.258 :)
gulz AbhishekHSinghCMT
@AbhishekHSinghCMT, wow.. it's worked nicely
@gulz, Great. UJ turned from 113.34 saved 113.35
+1 Reply
gulz AbhishekHSinghCMT
@AbhishekHSinghCMT, whats the strategy now ? limit setup @ 112.79 or should watch the price action ??
@gulz, If goes below 112.79 & Rising trendline likely indicates that it fall further down but not straight away it will bounce & then again
AbhishekHSinghCMT AbhishekHSinghCMT
@AbhishekHSinghCMT, Just kissed 112.80 -likely bounces back so every bounce we will look to sell & become confident if it breaks below 112.79
gulz AbhishekHSinghCMT
@gulz, welcome
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