I have a bearish outlook on USDJPY.
I am expecting price to make one last bullish attempt, before finally dropping as expected.
I think the another minor push to the upside will create a double top or complete the head of the possible head and shoulders formation, from that point on i will be looking for a bearish candlestick to enter a sell.
I believe that...
Sales range: 106.015
Targets: 105.930- 105.845- 105.760
Stop loss The first goal: the profit to loss ratio is 1: 1 (106.100)
If the first target is touched (close one third of trades)
Stop Losses Second and Third Objectives: 106.015(Entry Range)
, If the second target is touched (close another third of trades)
And if the third target is touched (close the deal)
the Weakness in the Dollar index might continue in the near term, after Donald Trump refused to start the stimulus program we saw a bounce in the DXY index.
after that a weakness started to show which put pressure on the USDCAD and retraced down from 1.3340 to 1.3240.
however the USDJPY is still holding. reaching a 4 month trend line pressure we might expect some...
Aloha! Here is a missed opportunity at the beginning of the week. I had one trade open on EURUSD L that closed for 1.5%. Focusing on that trade distracted me from a USDJPY S, regardless, here is how I was looking at:
I saw a wedge pattern where price is squeezing and since we are coming from a massive move on march 26 and 27, This could be a continuation and...
I just found out that the price for USDJPY now is near to the Resistance, plus I see a downtrend channel.
If the price still hold below the Resistance, USDJPY will go down again, and probably gonna try to breach the 110.00.
Therefore I decided to entry Short Position :
STOP LOSS @111.50
TAKE PROFIT @110.30
It may go down, it may be not.
This is just...