USDJPY: Time to close any last longs and and reverse positions
USDJPY
The breakout to the upside never materialised. The upside target for USD longs here was at the 114.30-114.50 range.
Frustratingly the high on Thursday was 2 pips shy of the lower end at 114.30. Close, but no cigar. Hope you were still able to
get out close to the top though.
We still need to see a break above 114.55 to go long USD again, but yesterday's news from the Fed isn't going to give it
the impetus by look of price action. As this is written another near term top is being formed on this pair, so am going to risk
some of yesterday's profits on this pair on a short from 114.01 current levels with a stop 25 pips away and see how it goes.
The breakout to the upside never materialised. The upside target for USD longs here was at the 114.30-114.50 range.
Frustratingly the high on Thursday was 2 pips shy of the lower end at 114.30. Close, but no cigar. Hope you were still able to
get out close to the top though.
We still need to see a break above 114.55 to go long USD again, but yesterday's news from the Fed isn't going to give it
the impetus by look of price action. As this is written another near term top is being formed on this pair, so am going to risk
some of yesterday's profits on this pair on a short from 114.01 current levels with a stop 25 pips away and see how it goes.