USD/JPY is currently in a minor correction with the H4 resistance finally broken yet again mainly due to the USA/IRAN tension. We are now waiting for the H4 support to become the new resistance, once this is confirmed it could be a perfect setup for a USD/JPY SHORT trade.
The H4 Support/Resistance area has been broken twice, simply wait for the H4 Support/Resistance area to change from SUPPORT to RESISTANCE before placing this trade.
The monthly trend is Neutral
The weekly trend is Bearish
The Daily trend is Bullish
With this possible trade we are going with the general weekly Bearish trend but this is more a fundamental analysis trade than a technical analysis trade.
Currency Strength Indication:
The Currency Strength Indication shows the JPY as STRONG against the USD, The currency strength indication is IN LINE with this trade idea.
Fundamental Consideration:
a Positive Non Farm Employment Change for the USD is expected on Thursday which could have a slight negative impact on this trade idea. We do not expect an overall negative impact on this trade idea.
Some traders are still away for the New Year holiday so further major response can be expected in the next week once all trader are back at the office, and more importantly an Iranian major response could be on the cards.
The Retail Community Outlook for this trade is as follows:
Around 10426 lots SHORT – 58%
Around 7673 lots LONG – 42%
This trade is SHORT – We are IN LINE with the majority of retail traders.
COT Report on the JPY:
Non Commercial have increased contracts to 43,668 that is a 3.07% increase.
Non Commercial are shifting towards a stronger JPY (in our opinion)
Good Luck – Trade Responsible
Use 1% risk per Position!
Always use a Trailing SL that you are comfortable with.
Always strive to continuously improve your trading strategy and knowledge
“The next Great Depression is on our doorsteps. The bank is more than men, it is a demonic monster destroying the common man”
The H4 Support/Resistance area has been broken twice, simply wait for the H4 Support/Resistance area to change from SUPPORT to RESISTANCE before placing this trade.
The monthly trend is Neutral
The weekly trend is Bearish
The Daily trend is Bullish
With this possible trade we are going with the general weekly Bearish trend but this is more a fundamental analysis trade than a technical analysis trade.
Currency Strength Indication:
The Currency Strength Indication shows the JPY as STRONG against the USD, The currency strength indication is IN LINE with this trade idea.
Fundamental Consideration:
a Positive Non Farm Employment Change for the USD is expected on Thursday which could have a slight negative impact on this trade idea. We do not expect an overall negative impact on this trade idea.
Some traders are still away for the New Year holiday so further major response can be expected in the next week once all trader are back at the office, and more importantly an Iranian major response could be on the cards.
The Retail Community Outlook for this trade is as follows:
Around 10426 lots SHORT – 58%
Around 7673 lots LONG – 42%
This trade is SHORT – We are IN LINE with the majority of retail traders.
COT Report on the JPY:
Non Commercial have increased contracts to 43,668 that is a 3.07% increase.
Non Commercial are shifting towards a stronger JPY (in our opinion)
Good Luck – Trade Responsible
Use 1% risk per Position!
Always use a Trailing SL that you are comfortable with.
Always strive to continuously improve your trading strategy and knowledge
“The next Great Depression is on our doorsteps. The bank is more than men, it is a demonic monster destroying the common man”
Comment:
I would recommend a SELL STOP Order at around 108.332
Comment:
Trade now active with my own SELL STOP activated
Comment:
This trade is moving fast, be careful the you are not stop out on a short trailing SL
Comment:
My first trade was stopped in on a trailing SL with very good profit, the second trade is still active, this was only the first wave
Trade closed manually:
First trade in the money with trailing SL, second trade stopped out