USDJPY Potential Short on Broken Trend Line, Divergence
Updated
Possible post Trump madness retracement?
The dollar/yen came up to a major trend line and has not made an attempt at an upward breakout. Today, a minor trend line was broken to the downside. I will be waiting for a retest of either/both trend lines and looking for a good place to short. Three estimated targets are shown on the chart.
MACD and RSI are both displaying divergence and are currently at/near negative territory.
The longer term trends can more easily been on the daily chart.
Any solid break above the most recent highs at the 118.6 area would completely invalidate this trade so stop/loss can be placed at/around 119.0.
Watch for the US NFP and unemployment numbers on Friday.
I will update with specific entry points and targets if/when I have entered into the trade.
Thanks!
-Brandon
The dollar/yen came up to a major trend line and has not made an attempt at an upward breakout. Today, a minor trend line was broken to the downside. I will be waiting for a retest of either/both trend lines and looking for a good place to short. Three estimated targets are shown on the chart.
MACD and RSI are both displaying divergence and are currently at/near negative territory.
The longer term trends can more easily been on the daily chart.
Any solid break above the most recent highs at the 118.6 area would completely invalidate this trade so stop/loss can be placed at/around 119.0.
Watch for the US NFP and unemployment numbers on Friday.
I will update with specific entry points and targets if/when I have entered into the trade.
Thanks!
-Brandon
Trade active
Entry made at 117.0S/L: 119.0
TP1: 114.6
TP2: 112.1
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