Brief synopsis: Entry, 131.8 (Sell Limit two lot trade)
Stop Loss, 132.450
Target 1, 130.1
Target 2, 129.1 or hold trade to 126.695 zone with a trailing stop
Rationale: Price is currently in long term support & resistance zone. April 09 price rejection can give further inclination this zone will act as resistance.
Target 1 will be placed above psych level 130 to have a higher chance of avoiding not hitting our TP if price does form a higher low and reverses.
If price reaches target one move stop loss to break even, looking for a retest of the March lows and possibly further if we do see this.
Invalidation: I would be cautious and use discretion if I see a daily close above 132.05. However, 132.45 will be my invalidation because price would have to reclaim and move slightly above the March high. Which would also be a close above the 132.215 (0.382 Fib) taken from 02 Feb 2018 to 23 March 2018.
Set-Up: Waiting for intraday move during European or US session to get filled into trade. If it doesn't get filled I will NOT chase this. Fear of missing out is ok. Positive risk reward ratio is the key with our 1st target ratio 2.62.
Technicals: Price has been dancing around long term Fib level 131.45 (June 24, 2016 low to Feb 02, 2018 High). If we get a daily close below adds higher conviction to the trade.
Expecting this to be a choppy trade around 130.965 zone and the 130 Pysch level.
Fundamentals: Looking for broader JPY strength to resume if we do see lower lows and lower highs taking place on the economic data.
Notes: This is a swing trade, those that are short term traders and are not comfortable holding trades for weeks should avoid this trade. Use leverage wisely don't place a large percentage of your account on this. Chart used was daily.
Using a two lot trade. If we the trade work it's way below the March lows. One can use the 130 psych level as resistance and a trailing stop to squeeze as many pips in your favor is we do see this turning into a trend. This trade
idea will expire 24 hours after publishing.
Stop Loss, 132.450
Target 1, 130.1
Target 2, 129.1 or hold trade to 126.695 zone with a trailing stop
Rationale: Price is currently in long term support & resistance zone. April 09 price rejection can give further inclination this zone will act as resistance.
Target 1 will be placed above psych level 130 to have a higher chance of avoiding not hitting our TP if price does form a higher low and reverses.
If price reaches target one move stop loss to break even, looking for a retest of the March lows and possibly further if we do see this.
Invalidation: I would be cautious and use discretion if I see a daily close above 132.05. However, 132.45 will be my invalidation because price would have to reclaim and move slightly above the March high. Which would also be a close above the 132.215 (0.382 Fib) taken from 02 Feb 2018 to 23 March 2018.
Set-Up: Waiting for intraday move during European or US session to get filled into trade. If it doesn't get filled I will NOT chase this. Fear of missing out is ok. Positive risk reward ratio is the key with our 1st target ratio 2.62.
Technicals: Price has been dancing around long term Fib level 131.45 (June 24, 2016 low to Feb 02, 2018 High). If we get a daily close below adds higher conviction to the trade.
Expecting this to be a choppy trade around 130.965 zone and the 130 Pysch level.
Fundamentals: Looking for broader JPY strength to resume if we do see lower lows and lower highs taking place on the economic data.
Notes: This is a swing trade, those that are short term traders and are not comfortable holding trades for weeks should avoid this trade. Use leverage wisely don't place a large percentage of your account on this. Chart used was daily.
Using a two lot trade. If we the trade work it's way below the March lows. One can use the 130 psych level as resistance and a trailing stop to squeeze as many pips in your favor is we do see this turning into a trend. This trade
idea will expire 24 hours after publishing.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.