hi all hope we’re having a great weekend. so to me it seems this pair has lined up for a good sell opportunity only thing is I normally guess wrong with this pair. but what do you all think sell at 150.8 s/l 151.15 t/p 149.00
may the fx be with you.
Hi, I’ll give some generic input that you might find useful.
First of all, your stop is just below the latest significant high at 151.16. It would be much safer to put your SL slightly above this level.
Secondly, for the trade to reach your TP the support at 149.21 would need to be broken. This might very well happen, but just be aware of opposing support/resistance zones that can turn a winner into a loser.
Now consider what will drive this pair’s movement. JPY pairs show considerable correlation across the board. USD and JPY take up a large volume of the FX market and forces driving these currencies have a heavy influence on currency movements. USDJPY has broken above a recent range on H4 and looks bullish and EURJPY has also rallied on H4. A retracement seems likely but going short may be a counter trend trade at the moment.
Thanks for your reply, think I will tweak to make this safer. what makes me think this will be a good short is the tankan survey comes in tonight and is meant to be significantly better than last quarter hopefully driving down the pair especially if the 151.00 hold as resistance.