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USD/JPY: Favour selling intraday near 99.90 with stops above 100.40

USD/JPY may indeed be headed for 120 like some would have us believe but that’s too ‘big picture’ for intraday traders and risk-reward would definitely seem to favour the intraday bears. 100.00 of course is a big psychological level and was an interim high back in April (see chart). It is also the 61.8% retracement of the move from 103.75 to 93.80.

Cheap and cheerful trades are always a good idea in my opinion, and selling near 99.90 with a tight stop above 100.40 looking for 98.00 looks like a reasonable strategy.

  1. Well said, things get confused with big picture. The run up since the Fed meet seems to have been driven by short covers(?) based on chart patterns, I think one retrace is needed to build any energy to attack 100 again (if at all). I am already in the trade you mention it was a good RR not to take it 🙂

  2. Good luck Brijesh, I think if we filter out all news and views and simply look for sensible R/R trades, then we make profitable trading much easier

  3. Good evening Sean,

    I am patiently waiting my level on USD/JPY 😉 . Otherwise, cable is still above 1.5155 but capped at 1.5250, I am waiting to add.

  4. Agreed Papillon, if 15170 holds, and other pairs are in agreement, then may be add with tightish 40 pip stop? USD/JPY looks bid but techs suggest good R/R trade

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