USDJPY - Fib retrace possible long entry
Updated
UJ / USDJPY : With the BoJ surprise we are looking for forward for some further bullish momentum.
Possibilities to trade this:
1.) Wait for it to reach the Fib retracement around 120.46~120.10 to take a long position.
2.)More risky and aggressiv option: If it doesn't reach the Fib levels you could try to get into a long once it leaves the inner Pitchfork with wider S/L below 120.10$
T/P targets should be around 123~123.70.
Don't get overly bullish because of the surprising BoJ decision. If the Stock markets start dumping again, so will UJ dump.
Good Luck!
Possibilities to trade this:
1.) Wait for it to reach the Fib retracement around 120.46~120.10 to take a long position.
2.)More risky and aggressiv option: If it doesn't reach the Fib levels you could try to get into a long once it leaves the inner Pitchfork with wider S/L below 120.10$
T/P targets should be around 123~123.70.
Don't get overly bullish because of the surprising BoJ decision. If the Stock markets start dumping again, so will UJ dump.
Good Luck!
Note
I didn't enter yet after I saw stock markets keep on dumping further...Looking closely at the 0.618 Fib. for a possible bounce.
Pitchfork channel working amazingly for now.
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