Bulls have been pushing UJ higher since the NY open. With price being overall bearish on USDJPY right now I am looking at adding to my position on a retracement of this initial profit taking bear candle.
I am already in a short trade with USDJPY but I will be looking for further short positioning if price can retrace to around the dotted line.
I’m looking for shorts primarily with the overall fundamental context of the US Dollar right now as a whole.
I’m not necissarily looking for a long term trade, just looking to hold over the next few days as recent lower...
Analysis provided within the callout boxes on chart.
I will be waiting over the next few days for price to potentially form what I have annotated and that will be my primary focus for the time being until price action tells me otherwise.
Price may reach the next level of resistance before my idea comes to fruition or it could break the existing channel and...
Trade potentially still valid 7am fakeout could not close below the pink zone of support. Still trading above the 50 MA. Waiting for a pullback on the 15m time frame.
