Quadricolor
Short

Short USDJPY, Daily Chart, Channel break, potential range.

FX:USDJPY   U.S. Dollar / Japanese Yen
This idea follows on from a previous trade I have with this pair. The idea is linked below. It was shorting on the basis of a channel formation, however the channel formation appears to be broken so a new analysis is being undertaken.
I am looking to short this pair. A small range looks likely to occur this week. I've highlighted this range area I am expecting in the blue box. Therefore I have highlighted the area I plan on placing short positions in the green box.

My basis for this is the breakthrough of the upper channel resistance, the lack of major news this week and Fibonacci support and resistance , pivot levels and previous price highs and lows. After the news events of last week, I think the market is trying to find it's placing and with a lack of major news events I therefore expect these levels to play a larger role this week, hence the range.

Congruent with my previous posting regarding this pair, there may be opportunities to re-enter this short position, though exits will have to be re-evaluated.

I will update this analysis when I get clearer confirmations.
Comment: The resistance area does look to be active. There are a few places I may places orders. I will probably wait until tonight or tomorrow morning to follow the price action or I might place a trade or order earlier, I am not sure at present.

However, I have identified key areas or prices that I am looking to place orders; around 111.7, 111.8 and 111.95. This all depends on various issues still to factor in.

Comments

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