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.
Comments
Technician
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Congratulations mate
Talk_Forex96
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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?
justatrader
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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
Talk_Forex96
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I see what you mean. Great analysis. Have you already been short or when will you short?
justatrader
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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.