Trader_97
Short

TRADE IDEA ON USD/JPY BREAKOUT !

FX:USDJPY   U.S. Dollar / Japanese Yen
74 2 3
Dollar/Yen has broken it's T.L support from August 24th 2015.Shortly after breakout it retraced back slightly for a period of 3 days and now is resuming the move to the downside,still plenty of room towards the downside so we are likely.The pair might find support near 119.20-118.20 or perhaps in the middle somewhere.Prices are currently trading below the 100 day SMA and 50 day EMA .So taking a look back I see that Dollar retraced as high as 0.764% of the fib retracement and tested that 123 zone multiple times but as it failed to close above it and resulted in breaking lower.Now based on what I see we can trade two scenarios. So if the pair bounces from the 119-118 area.look for a retracement of at least 0.5% to 0.618% before shorting or you can short after the price breaks through that support T.L at the centre of the channel and wait for more downside after that.I personally think waiting for a decent retracement towards the upside is better before shorting.
nice analysis. i hope you doing well this analysis.
+1 Reply
Trader_97 PooyaSalehipour
Thank you :)
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