Trade Background:
Price broke off a bullish trend channel last week on May 23th. Since then price has been trading in a bearish channel. Now price is testing final resistance level again.Which gives us traders a good opportunity to short this pair with limited risk. In addition, with the global equity market nearing correction territory, it could give the Yen a bullish push.
Trade Idea:
Positioning: Short
Time frame: 1H
Length of Trade: 1 day to 3 days
Entry: Between 109.350 to 109.450
Stop: 109.500
Exit: 109.150
Price broke off a bullish trend channel last week on May 23th. Since then price has been trading in a bearish channel. Now price is testing final resistance level again.Which gives us traders a good opportunity to short this pair with limited risk. In addition, with the global equity market nearing correction territory, it could give the Yen a bullish push.
Trade Idea:
Positioning: Short
Time frame: 1H
Length of Trade: 1 day to 3 days
Entry: Between 109.350 to 109.450
Stop: 109.500
Exit: 109.150