Short

USDJPY possible further Bearish

Updated

USDJPY is currently trading at its lowest in 2 month period. Weaker than expected U.S. data brings this pair in view of further decline.
If breaks 109.9, likely bearish to 108.8 - keeping levels in mind:

S1 109.90 S2 109.40 S3 108.80
R1 110.35 R2 110.80 R3 111.20

Personal analysis only. Please use your own rules & strategies prior to entering market.

Trade active

Entry target hit. Trade activated @ 109.95. T/P @ 108.97.

Comment

NFP report came in better than expected, yet a 100+ pip rise is very poor in relationship to this report. I am riding out Short position for longer term as I believe market will eventually settle back into correction and T/P will eventually be reached.

Until then, possible switch to riding the waves to catch profit in Bullish momentum as well. Taking a "wait and see" attitude at this time. Am seeing this as Bullish over shorter term and Bearish over longer term.

Comment

Watching for break of 110.2 - possible drop to 109.8404. Below this, possible drop to 109.50

Comment

Broke 110.2

Trade closed manually

Decided to close trade before opening of London session. Took T/P @ 109.836.
P/L = +11.4 PIPS

"Take a profit and live to trade another day."

"Plan your trade. Trade your plan."

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