Trade 1 - USDJPY; Short (pending)
Looking to play the next leg down on USDJPY if we can get another touch of resistance turned support for an entry, with a 25 pip SL at 0.5% risk offering a 6:1 RR for the final target.
Reasons for the trade:
1. Downtrend in the market, albeit slowing/sideways movement of recent days.
2. Support has recently been broken and re-tested once, looking to short if we get another touch of resistance.
3. Dollar weakness is slowly creeping in across the board, although the FED are propping up what they can, it seems like the market is turning over, looking to get on the downside momentum.
Reasons for the trade:
1. Downtrend in the market, albeit slowing/sideways movement of recent days.
2. Support has recently been broken and re-tested once, looking to short if we get another touch of resistance.
3. Dollar weakness is slowly creeping in across the board, although the FED are propping up what they can, it seems like the market is turning over, looking to get on the downside momentum.
Order cancelled
No entry on this trade, before a nice move of around 60 pips to the downside.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.