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U.S. Dollar / Japanese Yen

USD/JPY Wedge

By Jadecap
Updated
The dollar and yen have both been on the rise so I expect that UJ can range some more unless we get more imbalance from the Dollar. I'm interested to see how Trump's new tax plan will effect the rate as well as the planned rate hikes this year. We could see some volatile moves. For the time being if we stay within the wedge I will be looking to go long as short term. Though I am more neutral long term.
Trade active
Small long opened on a pullback of the 1h Pinbar. SL 111.833 TP 112.60
Trade closed manually
Closed for +40 I did not like how the hourly closed after US data. We could see downside and a break of the trendline. There was a good selloff on yields and the dollar index.
Trade active
Shorted at 112.25. Bad US data and US yields facing major resistance. Dollar Index also reacting negatively to the data.
Trade closed: stop reached
Took a small loss on this one. The original trendline did not break.
USDJPYusdjpy4hrsusdjpyanalysis
Jadecap
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