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Japan

USDJPY Short TheoryAfter today's inability to successfully break previous highs, we are now on the path again for the 111s! Good news for us shorting UJ before going long and continuing the bullish trend! Only current issue I see is that on the 1H time frame we have crossed EMA 150/300 which would suggest a bullish move, however, we have not crossed on higher time frames which would be more reliable information. Look for UJ to hit 111.166 (full extension) to 109.931 (50% retracement from election spike) area before reversing and heading north to re-test the 118s (hoping for 120+!) Currently short on UJ and have pending long entry at the 111.166 (which I might adjust lower later depending on market conditions) Confluences for my ideas posted on chart (messy Im sure :P)
Short
by AutreyMcVicker
4
USDJPY - A little rough, but a short before hitting the long!Although these last few trading days of UJ have been a bit turbulent to say the least (especially for those of us currently short) there is a little light at the end of the tunnel - this is for sure a counter trend trade, so I wouldnt really be looking to short, if I hadnt already jumped in it ;) We are currently (as of Sunday evening) sitting at the 61.8% retracement from the last lower high to lower low. Assuming we now have a clear rejection from the 114.147 area, full extension has us at 110.362 - for those IN a short now, Id suggest setting TP at previous lows to ensure profit is hit before the turn around... (111.700s) for those that got short earlier this evening at 114.147, I would suggest placing TP at the full extension as you have less risk at that point (trailing your SL a bit) Once we hit that full extension area, or right below it at the 50% retracement from election jump - I would suggest going long as we will continue bullish at that point as planned. (given that we are in a bullish market on UJ and have no reason to currently believe otherwise. Happy trading and good luck!
by AutreyMcVicker