Hot! USDJPY news hike to continue downtrend
Updated
One of my favourite moments for a trade entry is when a news event causes the price briefly to move in opposite direction of the underlying trend. In this case news about North Korea willing to talk to US about giving up nuclear weapons has caused the USD to appreciate.
With the underlying trend of USDJPY heading downwards, the top of the price value becomes a good short entry for this pair. The top of news events is often reached within two hours from the time the news was published. Keep an eye on this one till 1.30pm UTC.
With the underlying trend of USDJPY heading downwards, the top of the price value becomes a good short entry for this pair. The top of news events is often reached within two hours from the time the news was published. Keep an eye on this one till 1.30pm UTC.
Trade closed: target reached
Although target has been reached I expect this pair to have a lot more for us in petto. I closed it and If you decide to let it run just watch out for PA patterns and candle formations. Be consistent with your stop loss execution and when it appears that the market moves against you get out quickly and review your position.
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