Possibility for a good USDJPY trade.
I would like to share some information about my recent trading activity.
My trading religion is to combine all possible directions of market regardless of their nature, fundamental or technical. When I find such combinations, I look for the good entry possibilities. Today USDJPY could be this type of market.
All usd-based pairs and DXY itself has shown significant downtrend. The basis for such trend was political speeches and growth of USA indexes. However USD steel remains the main world currency and the biggest part of world reserves. Thats's why I see USD picture today of fundamentally oversold.
The same thing we have in technical picture. We are sitting at bottom line of a large weekly triangle. The last time the pair has grown from 106,5 to 118 from this trend line. Moreover, opening here gives the best TP/SL ratio around 7. You could see exact levels on the graph.
The last thing I consider is Commitment of Traders report, which says that large speculators are also on the long side. Would you like to be on their side too? Share your opinion in comments!
My trading religion is to combine all possible directions of market regardless of their nature, fundamental or technical. When I find such combinations, I look for the good entry possibilities. Today USDJPY could be this type of market.
All usd-based pairs and DXY itself has shown significant downtrend. The basis for such trend was political speeches and growth of USA indexes. However USD steel remains the main world currency and the biggest part of world reserves. Thats's why I see USD picture today of fundamentally oversold.
The same thing we have in technical picture. We are sitting at bottom line of a large weekly triangle. The last time the pair has grown from 106,5 to 118 from this trend line. Moreover, opening here gives the best TP/SL ratio around 7. You could see exact levels on the graph.
The last thing I consider is Commitment of Traders report, which says that large speculators are also on the long side. Would you like to be on their side too? Share your opinion in comments!
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