Jeuvici
Short

USDJPY DOWN UPDATE

FX:USDJPY   U.S. Dollar/Japanese Yen
Alongside my previous published idea:
UJ MAKE OR BREAK?


I mentioned that if the pair failed to break above 123.44 and close strongly, the pair would fall - and that came true.
Currently, we are looking at how the pair retraces the recent leg down - and watch if the pair manages to consolidate back into the month long channel, or fails to do so.

I am placing orders to SHORT UJ at 122.3, TP: 120.3, SL: 122.8, risking 50pips for a potential 200pips.

IF UJ fails to retrace to 122.3 today, this shows weakness in the UJ bulls, and that the .382 is holding - I will tactically SHORT at rallies.

Watch for price action.
For more fundamental reasons behind shorting UJ, see my related idea link.
Comment: Watch price action. Any hourly close below 121.05 can mean bigger moves down.
Great idea. Isn't the resistance at 122.16 too strong
+1 Reply
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