USDJPY | MT Short H4 | Riding on BOJ Intervention
Updated
Pair: 
USDJPY
Timeframe: H4 - Medium Term (MT)
Direction: Short
Technical Confluences for Trade:
- Stochastics are in Overbought Conditions on D1, H4 and H1 time-frames
- Price action may face some resistance from a previous support line
- Price is close to 61.8% Fib Extension Level
- Aiming for the 32.8% Fibo Retracement with 23.6% as the TP 1 level
Fundamental Confluences for Trade:
- Dividend repatriation season for Japan where MNCs bring back USD dividends and converts them to JPY
- These levels may see BOJ intervening to stop the Yen weakness
- Yield differential between USA and Japan cannot be denied and dovish BOJ doesn't help much; hence the weak JPY unless we see a firmer BOJ
- Further war escalation from the Israel-Iran tension may bring on risk-off moves and see the JPY strengthen
Suggested Trade:
Entry @ Area of Interest 154.00 - 155.15
SL @ 156.56
TP 1 @ 151.30 (Close Half-Position & move SL to Entry level once TP1 is achieved)
TP 2 @ 149.27
Risk-to-Reward @ Approx. 3.03 (Depending on Entry Level)
May the pips move in our favor! Good luck! :D
*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and am not responsible for any losses derived from it.
USDJPY Timeframe: H4 - Medium Term (MT)
Direction: Short
Technical Confluences for Trade:
- Stochastics are in Overbought Conditions on D1, H4 and H1 time-frames
- Price action may face some resistance from a previous support line
- Price is close to 61.8% Fib Extension Level
- Aiming for the 32.8% Fibo Retracement with 23.6% as the TP 1 level
Fundamental Confluences for Trade:
- Dividend repatriation season for Japan where MNCs bring back USD dividends and converts them to JPY
- These levels may see BOJ intervening to stop the Yen weakness
- Yield differential between USA and Japan cannot be denied and dovish BOJ doesn't help much; hence the weak JPY unless we see a firmer BOJ
- Further war escalation from the Israel-Iran tension may bring on risk-off moves and see the JPY strengthen
Suggested Trade:
Entry @ Area of Interest 154.00 - 155.15
SL @ 156.56
TP 1 @ 151.30 (Close Half-Position & move SL to Entry level once TP1 is achieved)
TP 2 @ 149.27
Risk-to-Reward @ Approx. 3.03 (Depending on Entry Level)
May the pips move in our favor! Good luck! :D
*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and am not responsible for any losses derived from it.
Trade closed: stop reached
BOJ didn't intervene and the JPY continued it's weakening trend.Cut the position to protect capital. Live to fight another day.
Disclaimer: The personal opinion above does not constitute as an investment advice. Any decisions taken based on the above opinion is purely at your own risks. DYOR.
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