USDJPY Short Setup

USDJPY is looking like it’s now in the bearish zone. I’m expecting the price to go further down. I entered a short at 132.5.

TP: 130.0
TP2: 128
SL: 136.2

I suspect you could be in that particular trade for some time.

My read is one big selling spike (mainly caused by bulls closing their trades and taking profits) has moved the pair into a ranging zone. Which could go either way. I would have placed a sell limit order if trading this pair. In which case you wouldn’t lose much if the buyers came back in.

Best of luck.

Have a read. Might change your mind. Maybe not.

I was short USD/JPY since last Friday , since then selling off and buying trades in the accumulation period (range)to cut down position s from the original trade .sill open.charged 5 days overnight fees over the last 2 days.(higher rates than normal)closed practically all the original trade apart from a small part (5% from original margin)to make a slight profit overall . Looked at charts 1:30 yesterday whilst enjoying the weather ,had a reasonably tight stop if I just left I trade instead of ditching the position s I have done very well .But it all off and buts this game .

Dont like trading the majors apart AUD/USD,

It’s looking like it has reversed. Thinking of closing this trade to cut my loss.

It looks like. I entered too late and was too optimistic. I’ll observe further but I’m leaning towards closing this trade.