USD/JPY ( Dollar vs YEN short )

Right , this is an interesting pair, USD bulls seem to be losing traction now and what with the fed's hawkish tone and a rate hike being priced in by the markets , late last week saw some safe haven flow coming into action .
With this in mind along with the charts showing we are approaching trend line resistance around the 0.618 fib line this all builds a strong case for shorting the USD against the YEN.
Entry around the confluence zones of 114.400- 114.800
Stop Loss @ 115.500 just above 0.618 fib line
TP1 @ 112.200
TP2 @ 111.300

ALL EYES ON NFP ON FRIDAY

We rate this trade out of ten an ( 8 )

Happy trading

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Comment:

We are moving our entry confluence zone on this to between

1.1400- 1.1440

Stay tuned

Comment:

Right we have set our entry @ 1.1420 to go short on USD/JPY

Stay tuned

Comment:

Right guys very important, we got in @ 1.14200 this is going against us for now .................. You must have a stop loss in place before tomorrow's NFP fig's, set it at what you feel comfortable with, as we could see this go up to 1.1550 should we get a positive number !!!!!!!!!!!

Comment:

Okay we are still in this as we had our stop loss set and did not get bid , stranger things have happened, never the less a positive NFP figure , but it looks like as usual the market was also focused more so on the average earnings which was lower than expected ......
Happy trading and join us over the weekend for review of the week ahead and new trading ideas 💡

Trade closed manually:

We have decided to close out of this and take a sideline approach until the fed statement is released to make our judgement as to what way we feel is the right side to be on .....
Data this week to watch for from the US aswell .

We will keep you updated but expect the 1.1550 levels to be tested again .