Hello fellow traders,
Underneath this text you can see my post (text) from Sunday, but unfortunately it was deleted because i shared some personal info by accident.
Any how just an up date , seems like we are heading down to test the lower line of our triangle, and after that I said it in the lower part from Sunday.
In this idea I am just looking at a very big time frame for USD/JPY at the price of 109.464.
I see a very nice triangle that has been forming for months now. Looking at a trend that this formation came from, by default we should see the trend continuation, but...
I do not look at fundamentals very too often, but regarding COVID19 situation it is really not easy to not be aware of what is going on. On one side we have a huge economic crisis on the way in US, while on the other hand we have steady and peaceful economy in Japan on the other hand.
As the charts show we can have quite a big movement coming, and if I would have to choose (and I will in my own trades) I would short the USD against the JPY.
Potential for the profit is very big, we can keep our stop loss quite close, since we are at the braking point.
REMEMBER - big players will want you to think and go long here as the TA is in favor of this kind of move. So a fake breakout is ofcourse possible to get those hoping for an up move out.
I will wait and aim for the big short opportunity here.
Keep you risk management as your number one priority if you want to be profitable guys.
Feel free to like, comment and follow it really means a lot.
Best of luck to all of fellow traders