USDJPY Short trade.CURRENCY PAIR: USDJPY;
Time Frame: 1D - 4H;
SHORT OPPORTUNITY : 1.Lower low formed. 2.Trendline broken.
Looking new moves.
R/R Ratio : 3.0%
Usdsell
AUD/USD Long PositionFundamentals:- There was good data from Australia today even though the RBA (Royal Bank of Australia) did not raise interest rates the rhetoric was positive about wage growth and inflation. Retail sales rose to 0.5% above the expected 0.3% giving a boost to AUD.
Technicals:- After some morning long positions traders have taken profits allowing the price to fall back towards the 7600 level which is also just below the 68% fibonacci retracement level giving a good area of confluence to place the buy trade.
BUY at 7615
stop loss 7584
take profit 7705
short USDJPYWe are looking to short the USDJPY trading out of the monetary policy report tomorrow morning. The market is starting to believe that the BoJ will add further stimulus but I don't think that is the case o at this meeting. Safe haven flows are still a big factor in the direction of this currency pair with the JPY being a sort after currency in times of risk off sentiment. I expect a spike up on the lead up to the announcement then a sell off if the BoJ do not announce further stimulus. learn to trade like a pro for FREE bankonadam.com
