USDJPY offers an attractive short trade, as long as it stays under the daily mode level at 119.635. I'm looking to short under the previous hourly low for the time being, with a very tight stop to maximize returns. We can place a reverse position above the resistance line, in case it reverses and continues to range. It's a good way to hedge against unexpected volatility. Will update with an entry. Update:
Daily roadmap:
If this level doesn't hold now, I suspect we might see some bullish continuation, exploring the upper end of the range.
Said and done...Now, waiting to figure out what to do. Either buy a correction, or sell OS.
Thanks!
I'm long from the bottom now, looking to sell at 119.2
IvanLabrie
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IvanLabrie
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As expected, price found support there and it seems to be heading up, but I seriously doubt this move up has what it takes to cross the daily mode at 119.682. This upward leg completion will probably offer a good shorting opportunity.
I'll wait for time at mode or rgmov to lead the way.
IvanLabrie
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Very strong bullish reaction of the lows post FOMC.
I bought at 118.928 and closed at 119.05 to be safe...quick in and out volatility play.
Still looking for a short entry, but I'll let the market commit to me.
Entered short again.
Nikkei pullback might be complete:
IvanLabrie
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IvanLabrie
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Addendum:
Rgmov and angles of advance. Interesting to note the corrective nature of this last decline in the bigger scheme of things.
The break down from the daily mode suggests lower targets are achievable, but first we'll probably see a retracement, judging by the support found at the options expirations line.
The whole move from the high can end up being a triangle, which could have a violent thrust up now, or one more small wave up, before a very large thrust down.
Either way, the most probable outcome is we will see a correction, which can present a low risk buying opportunity, to then enter a risk free short, for example.