USD/JPY Bearish Bat
Updated
What's up traders!? Following my previous idea, here is another position which favours a bullish Japanese Yen.
The Japanese adjusted trade balance is expecting this evening at 00:50 GMT+1, with a positive consensus of 610 Billion higher than the previous release of 1.03 Trillion. My decision to take the trade will depend on the release later this evening, but will obviously be built around what we see on the chart!
Looking at the weekly chart, this level has historically at time been a level of support and resistance where price has sharply reversed (see below!)
Bat ratios are as follows:
B = 0.382-0.5
C = 0.382-0.886
D = 1.618-2.618
X to D = 0.886
Risk with this trade would be at 3:1 and will be updated as the trade progresses. I will advise when I take an entry, if I decide to do so. See my CAD/JPY idea below, based on the same announcement!
The Japanese adjusted trade balance is expecting this evening at 00:50 GMT+1, with a positive consensus of 610 Billion higher than the previous release of 1.03 Trillion. My decision to take the trade will depend on the release later this evening, but will obviously be built around what we see on the chart!
Looking at the weekly chart, this level has historically at time been a level of support and resistance where price has sharply reversed (see below!)
Bat ratios are as follows:
B = 0.382-0.5
C = 0.382-0.886
D = 1.618-2.618
X to D = 0.886
Risk with this trade would be at 3:1 and will be updated as the trade progresses. I will advise when I take an entry, if I decide to do so. See my CAD/JPY idea below, based on the same announcement!
Note
You can see where this price has historically been a key level. Will it do so again, given the direction of the weekly trend line?Trade active
I got into this trade after the bearish engulfing closing at 109.772- I feel that price should start to drop further once support of 109.6 is broken!Trade closed: target reached
The trade hit our 1st TP level at 0.382' at which point i closed half of the position and moved my stop loss to my entry. Price has reversed and has broken my new SL. Trade is now cancelled- but we still came away with profit!
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