USDJPY - Selling at the top of the channel
Trade Idea
Trading within a Bearish Channel formation.
Bespoke resistance is located at 108.10.
There is scope for mild buying at the open but gains should be limited.
Preferred trade is to sell into rallies.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 108.20, resulting in improved risk/reward.
We look to Sell at 108.20
Stop: 108.50
Target 1: 107.10
Target 2: 106.50
Trading within a Bearish Channel formation.
Bespoke resistance is located at 108.10.
There is scope for mild buying at the open but gains should be limited.
Preferred trade is to sell into rallies.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 108.20, resulting in improved risk/reward.
We look to Sell at 108.20
Stop: 108.50
Target 1: 107.10
Target 2: 106.50
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