Who else is watching USD/JPY? After weeks of watching its uptrend, I’ve finally put in my orders!
A few days ago I shared with you guys how I’m looking at potential entry levels so I could jump in on USD/JPY’s uptrend.
Sure, the Fed isn’t as hawkish as it was last year and there’s still no concrete development in the U.S.-China trade negotiations.
Still, the dollar remains one of the more attractive currencies especially when you compare it against its major counterparts.
The euro, for example, took heavy hits when the ECB turned surprisingly dovish; the BOC veered farther away from another rate hike; the BOJ is back to jawboning, and Theresa May is on a (super tight) deadline to deliver a soft Brexit.
As you can see, USD/JPY shot up to 112.00 after I posted (and missed) an entry at the 100 SMA support on the 4-hour chart.
Luckily, today’s NFP release has opened a window for another long entry. While the headline NFP was surprisingly low, other factors like underemployment, wages, and labor rate participation were cause for celebration for the bulls.
For now, I’ve placed a buy order at 111.10. My stop loss is at 110.20, which is just below last week’s low and the 200 SMA.
Here’s a snapshot:
Risk 0.50% of my account at 111.10, SL at 110.20 and initial PT at 112.15
I’ve placed my initial profit target at 112.15 but I can adjust it or close the trade early depending on USD/JPY’s volatility.
How about you? Are you watching this setup, too?
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.