USDJPY is a great pair to trade the NFP and FOMC on the 1H chart setup. I look to see if price is close enough to the 50 sma that news momentum can push price through to the 100 sma. 800 sma is above price which gave me a short bias for the trade. Price was above the 50 sma which if news pushed price short it was in line with my short bias from the 800 sma and that the news could push price to the 100 sma. Price did break a current previous support level and stopped at the 50 sma pre-news. I already had a sell stop @ 110.45 which is a good price below the 50# in price (110.50). I already had a TP placed at the 100 sma @ 110.03 and the SL was above the candles that were consolidated at the 50 sma pre-news. The Macd had crossed below the red line and was heading towards the 0 level line. All of this was confirmation for a short trade on the USDJPY from the FOMC news.
Note
Price can just go half way through from the 50 sma and pull back to it. Then push a second time all the way through to the 100 sma.Note
Currently on the 15m chart priced has paused at the 800 sma and is pulling back a little.Note
Sorry - mistake on the TP price. Should be 109.85.Note
I took 1/2 of my position off at 110.03 just before the 00# support.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.