ICmarkets
Short

Short from 103.58 targeting 103...

FX:USDJPY   U.S. Dollar / Japanese Yen
193 0 7
In recent sessions, we can see that the USD/JPY             couple closed above the 103 handle during the early hours of London trading. A few hours later, going into US trading, the break above 103 was further bolstered by hotter than expected US ISM non-manufacturing PMI data, consequently pushing the pair up to a fresh H4 supply zone coming in at 103.80-103.62.

With a H4 bearish selling wick recently printed off this zone, and the fact that this supply is smothered by a daily resistance area drawn from 103.50-103.89, this is an interesting barrier for shorts. Our only concern is, of course, the weekly chart, which, other than the 29/08 high 104.32, there’s little stopping prices from pushing north and challenging the resistance area at 105.19-107.54. On top of this, there is also a chance that price may fake though this area to cross swords with the 104 boundary.

Our suggestions: Despite the drawbacks, we feel a short from the current H4 supply is worth the risk. As such, our team entered short at 103.58, with our stop loss placed above the daily resistance area at 103.92, targeting 103 as our immediate take-profit zone. For anyone who’s taken this trade alongside us, remain aware that we have the US Jobless claims scheduled for release at 12.30pm GMT             later on today.
Get real-time trading updates at our official Telegram group : https://t.me/ICMarketsroom
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out