Hello everyone
Although the market is in limbo and awaiting for the next set of data i am going to try a long a USDJPY from here with a tight SL. if we reclaim grey box and 131.356 then its a good signal to long. If we correct lower then we will wait for better prices to trigger. We are into support so it makes sense to long from here. Its all about the dollar and Powell left some mixed messages for the market so i think we will consolidate betwenn 132.880-130. Please manage risk accordingly because there should be some correction on the dollar even though rate diffs between japan and us are huge i would not discount a deeper pullback on the yen. I am using a low risk entry on this trade.
Cheers!
Although the market is in limbo and awaiting for the next set of data i am going to try a long a USDJPY from here with a tight SL. if we reclaim grey box and 131.356 then its a good signal to long. If we correct lower then we will wait for better prices to trigger. We are into support so it makes sense to long from here. Its all about the dollar and Powell left some mixed messages for the market so i think we will consolidate betwenn 132.880-130. Please manage risk accordingly because there should be some correction on the dollar even though rate diffs between japan and us are huge i would not discount a deeper pullback on the yen. I am using a low risk entry on this trade.
Cheers!
Trade active:
I took some small profits at 131.288 snipboard.io/wGJZTe.jpg
Trade closed: stop reached:
Stopped for a small loss... They appointed a new BoJ governor and i think he will be a hawk. Markets are already reacting.. We are going to wait for a bit