Possible USD/JPY Retracement
Observation:
1) The UJ pair has moved up aggressively. Price is approaching a strong resistance and a correction is coming.
2) The TS has crossed the KS line.
Recommendation:
1) An aggressive strategy would be to short the pair now and set your stop above last month's high of around 106.8
2) For a more conservative (safe) strategy, wait for a kumo twist and the price to close finish below the cloud before making a short move. Set stops below the previous high and adjust accordingly.
Good luck and happy trading!
1) The UJ pair has moved up aggressively. Price is approaching a strong resistance and a correction is coming.
2) The TS has crossed the KS line.
Recommendation:
1) An aggressive strategy would be to short the pair now and set your stop above last month's high of around 106.8
2) For a more conservative (safe) strategy, wait for a kumo twist and the price to close finish below the cloud before making a short move. Set stops below the previous high and adjust accordingly.
Good luck and happy trading!
Komen:
TRADE CLOSED. Trade is stopped out for me. The uptrend continues, although it's losing momentum. Going to keep monitoring this and expecting a retracement soon.
