USDJPY - H4 Overbought Pullback
Updated
The 
USDJPY is looking overbought as it approaches 80 on RSI. As well, MACD histogram is turning negative and it looks like we are about to get a turn of the MACD back towards our Signal for a potential cross. As well, the gap up on the open this week looks like it desires to be filled.
We are SHORT at the top of the bullish channel looking for a retrace back towards the middle of channel. Anticipating this retrace, we will set out first target 113.320 which is previous resistance gone support now. Our next target will reside at the base of the bullish channel at 112.925. If this lower trend line is broken we will keep our position open to ride the trend down to our final target at 112.445.
ENTRY
AT MARKET
STOP LOSS
114.520
TARGETS
113.320
112.925
112.445
Published on 10/22/17
USDJPY is looking overbought as it approaches 80 on RSI. As well, MACD histogram is turning negative and it looks like we are about to get a turn of the MACD back towards our Signal for a potential cross. As well, the gap up on the open this week looks like it desires to be filled.We are SHORT at the top of the bullish channel looking for a retrace back towards the middle of channel. Anticipating this retrace, we will set out first target 113.320 which is previous resistance gone support now. Our next target will reside at the base of the bullish channel at 112.925. If this lower trend line is broken we will keep our position open to ride the trend down to our final target at 112.445.
ENTRY
AT MARKET
STOP LOSS
114.520
TARGETS
113.320
112.925
112.445
Published on 10/22/17
Trade active
Target #1 ReachedNote
Closed out 60% of open position at target #1.Moving stop to 113.600 looking for a continued drop to 112.925, but protecting profits
Trade closed: stop reached
SL Hit at 113.600.Now we wait to see if we bounce from here or we wait for a full visit to the lower trend line for a bounce.
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