USDJPY - Short from 119 — U.S. Dollar/Japanese Yen (FX:USDJPY) / 2015-01-10 — justatrader

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Short

U.S. Dollar/Japanese Yen (FX:USDJPY)

FX:USDJPY U.S. Dollar/Japanese Yen

Triangles and some clear levels established. Looking to short on a rebound to 119, targeting 116.1. Would take on another position and let it run down through to 112.315 an unfilled gap.

I suppose this will be the second trade for the coming week (besides EURUSD ).

Good luck.

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Great analysis, but don't you want to wait for close under(previous support) 118.369 for a confirmation to downside?

Talk_Forex96

short bias was a,ready confirmed 3/4 weeks ago with a bearish engulfing. An attempt was made to push higher which then resulted in a doji a week before followed by a bearish close this week. So the analysis is based on this primary context. Of course one could wait for a further correction but that would result in reduced profits. And from the above, notice the rising trend line break and retest. Stops are placed there because if price makes a close higher then it invalidates the short bias

justatrader

I see what you mean. Great analysis. Have you already been short or when will you short?

Talk_Forex96

Looking to enter from 119. I dont trade too many pairs and especially those with negative swaps. Im well positioned to the short side in nikkei225 cfd. And incidentally most equity indices are heading to a minor decline the next week or two which gives added confidence to yen long side.

Heres a sample: http://www.justatrader.com/2015/01/week-2-2015-wrap.html

justatrader

Oh, so you would wait for it to pull back up to 119 then short?btw, nice website you got going on there

Nicely done. I am in trade from 119.75..

I spotted this trade as well, I noticed in the RSI before I even looked at the chart. Looks like a potentially great trade.

The end. Yen was probably the only currency that was consistent this week.

justatrader

Amazing, Congrats there

Technician

Thanks.

That green bullish candle right after your post would of been worrying.

dee.merye

Why would it be worrying considering the trade would be closed already. TP was at .065, price dipped to .062

As regards to the bullish bounce from there, its typical to see a correction. I'll bet you price will decline maybe next week and this time we'll see price action closing below .065 and not just make a low.

Congratulations for the Bullseye of the Week! :-)

ForceFollower

What where? I don't see any mention? Was it in the newsletter?

justatrader

Yes

Technician

How do we subscribe to it?

justatrader

dont think there is subscription, I receive it on the email i registered in.. Check that email or the spam folder

justatrader

Funny, you didn't know, pal! ;-D I receive those tv recaps every Sunday evening. And you, as a PRO subscriber, you should know it first hand. :-)

ForceFollower

I think the mails got deleted :( Hoping to see the newsletter updated on the blog.

Congratulations mate

excellent :)

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