EURJPY- JPY BULLET TRAIN MAY TAKE A HALT & REVERSE ITS DIRECTION
Symbol - EURJPY
EURJPY is currently trading at 168.200
I'm seeing a trading opportunity on sell side.
Shorting EURJPY pair at CMP 168.200
I will be adding more if 168.600 comes & will hold with SL of 169.000
Targets I'm expecting are 165.400 & beyond.
Disclaimer - Do not consider this as a buy/sell recommendation. I'm sharing my analysis & my trading position. You can track it for educational purposes. Thanks!
EURJPY is currently trading at 168.200
I'm seeing a trading opportunity on sell side.
Shorting EURJPY pair at CMP 168.200
I will be adding more if 168.600 comes & will hold with SL of 169.000
Targets I'm expecting are 165.400 & beyond.
Disclaimer - Do not consider this as a buy/sell recommendation. I'm sharing my analysis & my trading position. You can track it for educational purposes. Thanks!
Trade active:
USDJPY currency pair is in search of new gains on Friday morning. The dollar extended its aggressive upward move beyond ¥156.00. Now that the psychological milestone is behind us, dollar bulls are targeting ¥157.00. Earlier today, the exchange rate hit a new 34-year high of ¥156.60. This profit train has no final destination - it moves forward until someone stops it. I have already captured more than 300 pips in this up move.
Japanese officials have said they are watching the yen closely and are prepared to open a huge buying position if speculation gets out of hand. The weaker the yen becomes, the more likely it is to intervene. A weak yen is good for exports but bad for imports, and the Bank of Japan now has a choice to make.
Japan's central bank will meet on Friday to discuss what to do with the interest rate. At the previous meeting, policymakers broke out of a multi-year negative interest rate regime and raised borrowing costs for the first time since 2007. Markets are now pricing in the possibility of keeping the rate at 0.1%
EURJPY is ready to reverse its direction as per my reversal setup. I will short USDJPY pair as well 157.200 - 157.400 are my short/reversal levels in USDJPY. USDJPY & AUDJPY are on my main watchlist for a short trade.
Japanese officials have said they are watching the yen closely and are prepared to open a huge buying position if speculation gets out of hand. The weaker the yen becomes, the more likely it is to intervene. A weak yen is good for exports but bad for imports, and the Bank of Japan now has a choice to make.
Japan's central bank will meet on Friday to discuss what to do with the interest rate. At the previous meeting, policymakers broke out of a multi-year negative interest rate regime and raised borrowing costs for the first time since 2007. Markets are now pricing in the possibility of keeping the rate at 0.1%
EURJPY is ready to reverse its direction as per my reversal setup. I will short USDJPY pair as well 157.200 - 157.400 are my short/reversal levels in USDJPY. USDJPY & AUDJPY are on my main watchlist for a short trade.
Trade closed: stop reached:
Directly crossed my reversal zone (reversal levels according to my short setup) after shorting.
Closed in 80 pips loss.
I will short again if breaking these levels.
Closed in 80 pips loss.
I will short again if breaking these levels.
Trade active:
Made short position again at 168.800 with SL 169.200
Trade active:
CMP 167.800
It came till 165.650 & reversed. Missed my target by 20 pips.
Short position still active (100 pips in profit as of now) and holding with CTC SL.
It came till 165.650 & reversed. Missed my target by 20 pips.
Short position still active (100 pips in profit as of now) and holding with CTC SL.
Trade closed: target reached:
CMP 164.650
Target hit. 415 pips profit booked.
Target hit. 415 pips profit booked.