Trade Ideas/USD/JPY

USD/JPY: Reducing shorts, looks like I might have the wrong levels

No point in hanging on to positions that I’m not sure about. I sold at 100.06 and 30 but have bought the latter part back for a tiny loss leaving me only with the original sales. I want to be short but I might get better levels to sell at I think.

  1. I was bullish on the usd/jpy for some time, however the break down of the big figure has changed things. This current rally doesnt look convincing, have taken a short position at 100.37 with a target of 98.80 (55 day MA) where I then intend to take another buy the usd/jpy.
    I hope i’m right!

  2. Good luck Nick. My tech analysis suggests that we go lower but we could see 101.05/10 again so I’m sort of guarding against that possibility for now

  3. Well, I did get my 99.70 and I thought 99.50 is not out of the question but I think very few of us was thinking to see sub 99 levels. The bounce is strong, but now it’s a tricky one before the NFP.

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