With the recent decline in the USDJPY we see a potential opportunity to long a retracement while the pair is still in an overall uptrend. We also see the RSI has reached oversold levels which adds to my idea that we may see a move upward here.
We have our stop set at 109.00 as a move below this level could indicate a confirmation of a reversal and a potential move lower. Target = 111.6
We have our stop set at 109.00 as a move below this level could indicate a confirmation of a reversal and a potential move lower. Target = 111.6
Trade active
Touched a low of 109.015 today, barely missing my stop at 109.00. I believe this was due to the announcement today that China would raise tariffs on US goods. The pair has made a decent recovery since then and I think the worst is over as the tariff situation has been priced in now.
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Disclaimer
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.