There is a well defined support and resistance zone from 115.50 to 112.00.
The USDJPY printed a strong bearish candle with its close price well below that zone. So, a move towards the 108.00 is possible, however the pair may find some buying pressure/take profit around 110.00.
I entered this trade at 110.88, stop at 112.50, take profit at 108.50.
A close above the 112.00 will negate this view.
The USDJPY printed a strong bearish candle with its close price well below that zone. So, a move towards the 108.00 is possible, however the pair may find some buying pressure/take profit around 110.00.
I entered this trade at 110.88, stop at 112.50, take profit at 108.50.
A close above the 112.00 will negate this view.
Trade closed manually:
Given the lack of follow-through after the breakout and the persistent Yen weakness across the board, I decided to close the trade at 111.90 for a loss.