Short Term USDJPY position (10% of idle cash)
Updated
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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