Trade Ideas/USD/JPY

USD/JPY: Trying hard but unable to generate bearish momentum

The bears are trying to take advantage of severely overbought technicals to try and wrest back control from the rampant bulls but even breaking below an hourly low at 82.25 is proving to be a difficulty task. Nevertheless with the weekend almost upon us and the market undoubtedly sitting long, I suspect that there will be plenty of trailing stops below 82.20 which might get triggered during European trade. Selling now between 82.50/60 hoping for a bearish break, with a stop above yesterday’s highs, makes good risk-reward sense (for bears that is).

  1. Hi Jones, sorry was just waiting on some emails to come back, bids solid now 8180ish so think that’s the good entry level. Not hearing much on topside so probably 8150/8300 holding range for few days??

  2. No worries Sean. Bought at 82.07 got out close to 30 pip profit. Thats it for this week I think. Have a good weekend and see you next week. Thanks for all the info this week.

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