I've written down the notes for the trade on the chart, all self explanatory. I'm only looking for short opportunities on this pair as it has broken 200 EMA support. Yes the fundamentals of BoJ QE are still in play, but the current trend is currently in control of the bears. And remember the Yen is tied to commodities, and the market appetite for risk. And always remember that in the markets, fear is much greater then greed. Inter-market analysis all points to a Risk-Off environment which sub-sequentially strengthens the Yen as it is a "safe haven" currency. Current short will be taken based off of price confirming a rejection of the angled grey resistance box. With reasonable stops above the 200 EMA take profits will be at 116.00
- A break above current resistance (200 EMA) will switch this over to strictly long opportunities with TP set at 120.70, and possible short opportunities with tight yet reasonable stops above 120.800 for shorts at major resistance with TP at 119.00 and 116.00.
-Let price come to you, no need to catch a falling knife. Remain unbiased when trading, trade what price is telling you, many times price will ignore longer term fundamentals.
Cheers, happy trading traders =D
- A break above current resistance (200 EMA) will switch this over to strictly long opportunities with TP set at 120.70, and possible short opportunities with tight yet reasonable stops above 120.800 for shorts at major resistance with TP at 119.00 and 116.00.
-Let price come to you, no need to catch a falling knife. Remain unbiased when trading, trade what price is telling you, many times price will ignore longer term fundamentals.
Cheers, happy trading traders =D