Short USDJPY – is it too obvious?
- USDJPY seems to be caught in a pretty clear range on 4h and 1h charts
- resistance zone is between 118.60 and 118.90
- support zone is between 117.25 and 117.40
The daily chart has lower highs and price is mostly below 20EMA (on 1d chart), so I would prefer to short in that range, close but not reverse the position near support and in case price falls below 117.25 wait for a pullback to reshort again
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I place a limit short order at 118.55, Risk-Reward = 2.87
SL@ 118.95 (-40), TP@ 117.40 (+150)
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Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
- resistance zone is between 118.60 and 118.90
- support zone is between 117.25 and 117.40
The daily chart has lower highs and price is mostly below 20EMA (on 1d chart), so I would prefer to short in that range, close but not reverse the position near support and in case price falls below 117.25 wait for a pullback to reshort again
_______________________________
I place a limit short order at 118.55, Risk-Reward = 2.87
SL@ 118.95 (-40), TP@ 117.40 (+150)
__________________________________________________
Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
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