Long USDJPY
Updated
I'm going long here just above 134 on USDJPY. I failed on two previous attempts around 133.63 (38.2 retracement) and got stopped out with much tighter stops. I still like USDJPY long currently based on a fundamental bias with COT data showing 63% of institutions are long USD and 83% are short JPY. In addition, US GDP and interest rates outweight the JPY.
From a technical standpoint, we have a fairly strong uptrend in play currently throughout 2023 with a nice channel showing some nice reactions along this slope. Specifically, we recently saw support hold around 134, and some bullish price action just below that around 133.50 with a break and retest back above 134. In my opinion, this is a bullish signal that could warrant a move back to 135 or 135.50.
I have a stop just below structure around 133.25 and I took two separate positions which I will plan to close half of at 135 and then trail stops on the remaining half.
Longer term view
Break and retest on on the 30m
From a technical standpoint, we have a fairly strong uptrend in play currently throughout 2023 with a nice channel showing some nice reactions along this slope. Specifically, we recently saw support hold around 134, and some bullish price action just below that around 133.50 with a break and retest back above 134. In my opinion, this is a bullish signal that could warrant a move back to 135 or 135.50.
I have a stop just below structure around 133.25 and I took two separate positions which I will plan to close half of at 135 and then trail stops on the remaining half.
Longer term view
Break and retest on on the 30m
Trade closed: target reached
Price came down to just above my stop at 133.25! Huge pop overnight prior to US PCE data release. Closed out the full position this morning for +200 pips at 136, better than expected. 
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