USDJPY | Friday's fall exposes more downside
The Yen seems to be making its purpose very clear at the moment: We are still in a risk off environment.
Friday's move took the pair down nearly 150 pips, clearly taking out a host of lows (and stop orders. Ouch).
Interestingly, we see that the retail crowd is still long USDJPY to the tune of 80% (i.e., of most retail trade data available, and of those trading USDJPY, 80% are long).
If retail is going one way, I want to go the other.
The short: I'd like a retest somewhere between 108.80 and 109.20 (I look at that as a single zone).
Friday's move took the pair down nearly 150 pips, clearly taking out a host of lows (and stop orders. Ouch).
Interestingly, we see that the retail crowd is still long USDJPY to the tune of 80% (i.e., of most retail trade data available, and of those trading USDJPY, 80% are long).
If retail is going one way, I want to go the other.
The short: I'd like a retest somewhere between 108.80 and 109.20 (I look at that as a single zone).
Trade closed: target reached
Taking profits and resetting - watch for a new idea.
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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.