Short Term USDJPY position (10% of idle cash)
Fundamentals: 1) The "Whatevever it takes" infinate QE policy has improved dollar liquidity in markets. A General sell-off like the one we saw in March is possible but market sentiment is calmer and less volatile.
2) It seems like a decade ago ,but if you recall, the President of the USA was really focused on negotiating better trade terms for his country and a stronger Dollar doesn't help his cause.
TA: 1) MACD in the 4H chart shows that selling activity has resumed.
2) We are 250 pips away from 2020 highs and i don't think we can see this opportunity again this week.
I am short USDJPY with 1 week horizon. SL @ 110.250 (approx. 125 pips, 250/2 from 2020 High). TP @ 105.500 (Risk/Reward=2) but may close my position before the target if a greater opportunity arises. Also If SL is breached i will look into Doubling down, depending on the news and the general market sentiment ( i will publish a new idea if this happens)
Note: This is a short term, low concentration trade DO NOT risk more than 10% of your idle Cash in this Trade.
Additional Disclaimer: This Trade is my view of the market for the time being, you should do your own analysis before engaging in any trade.
2) It seems like a decade ago ,but if you recall, the President of the USA was really focused on negotiating better trade terms for his country and a stronger Dollar doesn't help his cause.
TA: 1) MACD in the 4H chart shows that selling activity has resumed.
2) We are 250 pips away from 2020 highs and i don't think we can see this opportunity again this week.
I am short USDJPY with 1 week horizon. SL @ 110.250 (approx. 125 pips, 250/2 from 2020 High). TP @ 105.500 (Risk/Reward=2) but may close my position before the target if a greater opportunity arises. Also If SL is breached i will look into Doubling down, depending on the news and the general market sentiment ( i will publish a new idea if this happens)
Note: This is a short term, low concentration trade DO NOT risk more than 10% of your idle Cash in this Trade.
Additional Disclaimer: This Trade is my view of the market for the time being, you should do your own analysis before engaging in any trade.
Trade closed manually
Closed @107.735, because we are way over the 1 week horizon.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.