USDJPY - Shorting From Supply Zone with Excellent R:R
Aktualisiert
USDJPY -
Last week we saw some strong moves from this pair due to geopolitical tensions.
Initially we observed a powerful bearish push to the upper 107.000 range as the USD rapidly devalued following the Iranian attack on U.S forces in Iraq late Tuesday night (GMT).
However, this was short lived and the pair subsequently recovered, climbing to the highlighted resistance area by the end of the trading week around 109.7
I am assuming USD's recovery was due to Trump's call for peace with Iran.
We now wait to see how USD/JPY reacts here. With multiple rejections at this level and further risk of dollar devaluation due to further US/Iran tension and/or US/China trades talks, I am not expecting this pair to break above this zone any time soon.
I'll be looking to short this pair to the zone(s) highlighted following bearish price action confirmation.
Short for 100+ pips:
SL - above trading range at around 109.800
Excellent R:R on this trade of around 1:4.
Wait for strong bearish rejection before entering!
Last week we saw some strong moves from this pair due to geopolitical tensions.
Initially we observed a powerful bearish push to the upper 107.000 range as the USD rapidly devalued following the Iranian attack on U.S forces in Iraq late Tuesday night (GMT).
However, this was short lived and the pair subsequently recovered, climbing to the highlighted resistance area by the end of the trading week around 109.7
I am assuming USD's recovery was due to Trump's call for peace with Iran.
We now wait to see how USD/JPY reacts here. With multiple rejections at this level and further risk of dollar devaluation due to further US/Iran tension and/or US/China trades talks, I am not expecting this pair to break above this zone any time soon.
I'll be looking to short this pair to the zone(s) highlighted following bearish price action confirmation.
Short for 100+ pips:
SL - above trading range at around 109.800
Excellent R:R on this trade of around 1:4.
Wait for strong bearish rejection before entering!
Anmerkung
Short trade did not meet our confirmations and we are still experiencing bullish pressure, although slowing. Our next reversal area will be at the 110.000 psychological level. I am hoping for a rejection at this level and PA on the daily timeframe as confirmation of reversal.
A daily closure at 109.600 or lower would be ideal.
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