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Potential short USDJPY trade
USDJPY has been stuck in a range for more than 2 months now as trade tensions keep the Japanese currency firm while the yield disadvantage works against it. As a result, it can be observed that much of the price action lately has been driven by technicals rather than fundamentals as there isn’t a clear direction of the fundamentals for USDJPY at the moment.
Thus, it’s probable that some range trading opportunities should be profitable on USDJPY in this environment as is evident from the charts. The pair bounced strongly today at the 112 support area and is now trading above 113.00.
But, as it moves higher, chances are it will meet resistance around the 113.70 and 114.00 levels at the falling trendline of the triangle. This could provide selling opportunities. The chart is shown below.
- Wait for a rally toward the 113.70 - 114.00 resistance zone and for a bearish pattern or signal to form there
Stop loss:
- Place the stop above the bearish signal/patter
Target:
Trade signals from the past week
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- November 23, 2018 – Long AUDNZD from 1.0640, stop taken at 1.0495 = - 145 pips
- December 05, 2018 – Long Gold (XAUUSD) from $1236.00, first target reached at $1250.00 = 140 points = +140 pips profit
TOTAL: -5 pips in the past week
TOTAL: +655 pips profit since the beginning of October
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