USDJPY - A little rough, but a short before hitting the long!
Although these last few trading days of UJ have been a bit turbulent to say the least (especially for those of us currently short) there is a little light at the end of the tunnel - this is for sure a counter trend trade, so I wouldnt really be looking to short, if I hadnt already jumped in it ;)
We are currently (as of Sunday evening) sitting at the 61.8% retracement from the last lower high to lower low. Assuming we now have a clear rejection from the 114.147 area, full extension has us at 110.362 - for those IN a short now, Id suggest setting TP at previous lows to ensure profit is hit before the turn around... (111.700s) for those that got short earlier this evening at 114.147, I would suggest placing TP at the full extension as you have less risk at that point (trailing your SL a bit)
Once we hit that full extension area, or right below it at the 50% retracement from election jump - I would suggest going long as we will continue bullish at that point as planned. (given that we are in a bullish market on UJ and have no reason to currently believe otherwise.
Happy trading and good luck!
We are currently (as of Sunday evening) sitting at the 61.8% retracement from the last lower high to lower low. Assuming we now have a clear rejection from the 114.147 area, full extension has us at 110.362 - for those IN a short now, Id suggest setting TP at previous lows to ensure profit is hit before the turn around... (111.700s) for those that got short earlier this evening at 114.147, I would suggest placing TP at the full extension as you have less risk at that point (trailing your SL a bit)
Once we hit that full extension area, or right below it at the 50% retracement from election jump - I would suggest going long as we will continue bullish at that point as planned. (given that we are in a bullish market on UJ and have no reason to currently believe otherwise.
Happy trading and good luck!