USDJPY Short Theory
Updated
After today's inability to successfully break previous highs, we are now on the path again for the 111s! Good news for us shorting UJ before going long and continuing the bullish trend!
Only current issue I see is that on the 1H time frame we have crossed EMA 150/300 which would suggest a bullish move, however, we have not crossed on higher time frames which would be more reliable information.
Look for UJ to hit 111.166 (full extension) to 109.931 (50% retracement from election spike) area before reversing and heading north to re-test the 118s (hoping for 120+!)
Currently short on UJ and have pending long entry at the 111.166 (which I might adjust lower later depending on market conditions)
Confluences for my ideas posted on chart (messy Im sure :P)
Only current issue I see is that on the 1H time frame we have crossed EMA 150/300 which would suggest a bullish move, however, we have not crossed on higher time frames which would be more reliable information.
Look for UJ to hit 111.166 (full extension) to 109.931 (50% retracement from election spike) area before reversing and heading north to re-test the 118s (hoping for 120+!)
Currently short on UJ and have pending long entry at the 111.166 (which I might adjust lower later depending on market conditions)
Confluences for my ideas posted on chart (messy Im sure :P)
Note
(Press Play) and scroll down on chart to read confluences/ideas
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