USDJPY THERE IS STILL ROOM FOR HIGHER PRICES
Updated
Fundamentals first:
Several positive developments happened today regarding the dollar.
+Hawkish fed-governors speeches
+Trump speech also was a positive for the dollar.
+Following this events US 10Yr Bond Yields had a big rally, bolstering especially the USDJPY.
+Nikkei futures broke out of an important range.
So these are some positive points. But does this mean the USDJPY will continue to rise ?
I dont know, and actually no one knows for sure, because all this points, are in the past. It might also turn, and make a deeper correction, taking my stop out.
All i can do at this point is to trade what i am seeing fundamentally and technically on the chart.
Both factors are telling me to buy dips for a potential continuation higher.
The trade showed on the chart is a shortterm trade, i will probably close it in the next 24 hours if it does not move in my favour or shows some ugly price action. Anyway it is what it is, and if i have a feeling there is still some steam tomorrow in the EU session, i will trail it to the target of 114.40.
If you like a smaller stop, one can also wait for the 113.45/50 level to enter. In any case i dont think this trade idea, needs a much larger stop, because if the bulls are willing to take it higher, it should turn from this area.
Blessings to you all.
Several positive developments happened today regarding the dollar.
+Hawkish fed-governors speeches
+Trump speech also was a positive for the dollar.
+Following this events US 10Yr Bond Yields had a big rally, bolstering especially the USDJPY.
+Nikkei futures broke out of an important range.
So these are some positive points. But does this mean the USDJPY will continue to rise ?
I dont know, and actually no one knows for sure, because all this points, are in the past. It might also turn, and make a deeper correction, taking my stop out.
All i can do at this point is to trade what i am seeing fundamentally and technically on the chart.
Both factors are telling me to buy dips for a potential continuation higher.
The trade showed on the chart is a shortterm trade, i will probably close it in the next 24 hours if it does not move in my favour or shows some ugly price action. Anyway it is what it is, and if i have a feeling there is still some steam tomorrow in the EU session, i will trail it to the target of 114.40.
If you like a smaller stop, one can also wait for the 113.45/50 level to enter. In any case i dont think this trade idea, needs a much larger stop, because if the bulls are willing to take it higher, it should turn from this area.
Blessings to you all.
Trade closed manually
Played out perfectly, took my 60 pips. Second option would be to trail stop now to 113.90. It should not break this level if it wants to go higher from here, but i prefer to take profits for now and await further developments.Will await another dip to reenter if fundamental sentiment still lines up.
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