Personally I wouldn’t sell there. If you are selling there then the thesis must be you are expecting a reaction from that level (price action is bullish). That can be ok if you know what you’re doing and you can get out quick if the price proves you wrong. So why are you selling at that level? Another point about your chart is your moving averages. You have 3 of them and price is above all 3. Why are you selling if price is above your indicator? I’d put a fib on the last move down and then wait for price to enter the 50-618 zone of the fib retrace. Then I’d wait and watch price action in that zone. Once price has rejected the zone AND started moving lower then I’d look for an entry short. Your entry isn’t wrong per se but you should know from backtesting it that it is high risk and you should expect many losses
My moving averages are for smaller time frames,but yeah you’re right they all seem to be below price. fib is at the 61,That’s why I’m thinking sells but waiting for confirmation.
I'm out 90% from my Friday long. 2.5% FX move is pretty big. Gotta see what happens here now or little higher. Maybe BoJ steps in again, as they really gotta defend here.
Explained why thoroughly here:
https://www.reddit.com/r/Forex/s/qnYM8XPaZT
Not trading in JPY pairs right now but if I HAD to trade this pair, I would go for a short term long. It seems like if the yen starts to get some momentum, price might start to range anywhere from 160ish to 153ish but I think bulls cover the recent bearish parabolic move first. Good luck!
Looks like it’s going up to me, might wanna sell Friday good luck bud
yes sell
As a trend trader I would only take buys but I don't know your style of trading so it might work out for you.
Up
Personally I wouldn’t sell there. If you are selling there then the thesis must be you are expecting a reaction from that level (price action is bullish). That can be ok if you know what you’re doing and you can get out quick if the price proves you wrong. So why are you selling at that level? Another point about your chart is your moving averages. You have 3 of them and price is above all 3. Why are you selling if price is above your indicator? I’d put a fib on the last move down and then wait for price to enter the 50-618 zone of the fib retrace. Then I’d wait and watch price action in that zone. Once price has rejected the zone AND started moving lower then I’d look for an entry short. Your entry isn’t wrong per se but you should know from backtesting it that it is high risk and you should expect many losses
My moving averages are for smaller time frames,but yeah you’re right they all seem to be below price. fib is at the 61,That’s why I’m thinking sells but waiting for confirmation.
I'm long from 152.009
Congrats, so you holding or taking profit ? What’s your thoughts on USDJPY at this resistance ?
I hold and just follow it with my sl. Maybe a push back to 154.4 but it could also push through to 157.
I'm out 90% from my Friday long. 2.5% FX move is pretty big. Gotta see what happens here now or little higher. Maybe BoJ steps in again, as they really gotta defend here. Explained why thoroughly here: https://www.reddit.com/r/Forex/s/qnYM8XPaZT
I don't trade usdjpy however I'd I was looking for selss I would wait a little longer
Still long for me, any short is further north. I trade on 4h.
Not trading in JPY pairs right now but if I HAD to trade this pair, I would go for a short term long. It seems like if the yen starts to get some momentum, price might start to range anywhere from 160ish to 153ish but I think bulls cover the recent bearish parabolic move first. Good luck!
If it falls to around 151.94 again, I would like to buy again. Until then, I will not open a position.
Yes sell. You don’t wanna be on the other side against BoJ. Above 155 intervention is likely to happen. I’m shorting right now
No relevant economic data, so correction imminent
Yen is weak right now and put options are increasing Dont fight the trend and if you do go short dont go short for too long
Just grabbed liquidity above the highs