Short USDJPY on hourly close below 107.95

8 thg 10, 2014

The pair made a harmonic move (ABCD). A move of the same quantum would take us to 38.2% retracement of the longer term uptrend. However, it is only advised to get into this trade when we get a close below 107.95 on the hourly timeframe. Also, we have FOMC meeting minutes today so do watch out and make sure to trade with stops.

Trade Type: Trend Continuation (Shorter TF)
Price: Hourly close below 107.95
Tgt 1: 106.60
Tgt 2: 105.53
Stop Loss: 108.65
R/R ratio: Almost 2