Short opportunity for USD/JPY. Inevitably with the DXY in free fall USD/JPY is also being dragged down. Whether this move down is merely a correction or a bearish trend continuation we will have to wait and see, for the moment at least it is bearish.
There is also not much economic news relating to the USD left this week, thus, no immediate halt to the downside. A close below 108.112, last weeks low, would indicate a bearish trend continuation, targeting the 104.00 levels below and lower.
Trade 1 short (RvR ratio 2:1) Entry: Close below 10 SMA (blue line) or below 109.866 S/L: 110.518 T/P 1: 109.444 T/P 2: 108.935
Trade 2 short (RvR ratio 2:1) Entry: Close below 108.935 S/L: 109.347 T/P 3: 108.573 T/P 4: 108.112 As always, scale out your profits and adjust your stop/ loss to suit personal risk management profile.
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