JPY Safe Haven? - Ichimoku USD/JPY Short Trade Setup

24 Mac 2019

With the news from the FOMC that there would be no interest rate hikes for the rest of the year, we saw a big drop across the board on the USD. When you add in the fact that the JPY is typically a safe haven during times of economic turbulence, we saw an even more extended move with this pair. I am looking for that continued move to the downside in the long run so I've set up a break of resistance as my entry. We may get a drawback first, but this can easily be set as a sell stop, and wait for a triggered entry. I've set some partial profit levels I'll be looking at if we do get a confirmed sell. I will also hold a small portion of the trade if we hit my longer term TP and let it progress. If we fail to break lower or our bearish confirmations change, this setup may become invalidated.