ForexWeeklyAnalysis
Short

Pending Short USD/JPY near 103.7X/8X region

FX:USDJPY   U.S. Dollar/Japanese Yen
362 6 3
I posted a similar chart 3 weeks ago:
Pending Short USDJPY 103.7/9X Region
but that chart is buried down below my recent charts, so I figured I'd just post a new chart now. The 103.7X/8X region was previously support and might turn resistance now, it'll also be the first time that we're testing this region as well.

I'm still holding one long entry from 101.35 based on this chart:
Pending Long USD/JPY mid 101.XX Region
. I will be looking to exit my long and enter a short when price hits the 103.7X/8X region. Price managed to hit 103.4X today and has since retraced back down to 103, which seems to be holding as support for now. Hopefully with enough bull power, price will test the 103.7X/8X region to allow for possible short entries.

Given the previous support region of 103.8X up to 104.2X, I'd set my SL above 104.3X (~50 pips).
Targets depend on how markets react, do we range or do we continue trending down?
Ranging markets would set the TP at the low to mid 101.XX region.
Trending markets would set the TP below the 100.8X level.
Closed my long from 101.35 at 103.80, for +245 pips... had to hold it for a while though, so I'm not sure if the opportunity cost was worth it in comparison to other plays in the past few weeks.

Entered a short as well at the same time of exiting the long, at 103.80. I may decide to add more around 104 (manually, not setting any pending orders at this time).
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ForexWeeklyAnalysis ForexWeeklyAnalysis
2 years ago
Decided to get out for break even, I'm not really sure about this one right now. I thought there would be bigger reaction at this level like the last time we were here.
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I filled my shorts with an average price of 104.07, stop loss is set at 104.40 right now but I'll probably lower it to 104.30 later on... not really sure yet.
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ForexWeeklyAnalysis ForexWeeklyAnalysis
2 years ago
Since price isn't going anywhere prior to NFP, I decided to close the 2 lowest entries, keeping the highest entry at 104.10 (SL is now set at 104.30)
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ForexWeeklyAnalysis ForexWeeklyAnalysis
2 years ago
Bad US data.. yet USD/JPY goes up (after the initial spike down), I got out for a few pips. Don't like the uncertainty right now.
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ForexWeeklyAnalysis ForexWeeklyAnalysis
2 years ago
So in hindsight, I got faked out of this one. If that initial uncertainty didn't happen, I would've kept my position. Oh well, I don't like chasing so I didn't get back into this one when it started to drop.
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