USDJPY: POSSIBLE DOWNTREND CONTINUATION
Updated
The pair has been on a down trend for a while now and I think its only fair for it to do a pull back and take a breather.
I still think that it still needs to push down even further as the momentum (Weekly + Daily) still support the downside.
With that said, one needs to watch carefully what happens in the next couple of day(s) as it is on a critical support zone @107.00, and also bouncing off a trendline that has been been holding since September '12 (yellow).
PS: The current pullback isn't convincing as a sign of a reversal! And its NFP week so careful :)
Entry rules: Wait for pullback to finish then support and trend line to be broken.
Target: First target at 105.500
Target 2: 106.00
Target 3: 105.00
Goodluck!!!
I still think that it still needs to push down even further as the momentum (Weekly + Daily) still support the downside.
With that said, one needs to watch carefully what happens in the next couple of day(s) as it is on a critical support zone @107.00, and also bouncing off a trendline that has been been holding since September '12 (yellow).
PS: The current pullback isn't convincing as a sign of a reversal! And its NFP week so careful :)
Entry rules: Wait for pullback to finish then support and trend line to be broken.
Target: First target at 105.500
Target 2: 106.00
Target 3: 105.00
Goodluck!!!
Trade active
Got the targets 1 & 2 mixed up but nonetheless, first target was hit. Now fetching target 2 & 3. Trail your stops and be good.Trade closed: target reached
ALL TARGETS HIT!!!
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