Partner Center Find a Broker

It’s been a rough week for my picks, but hopefully we can end the week on a good note. There are no major economic releases out of Japan or the US tomorrow, so I found a low risk setup for a down turn in the USD/JPY. On the hourly chart we see a lower low, and a reversal at the 38% Fib retracement level. So we’ll look to go short when the pair makes a move below the previous low. Hopefully, we can catch a continued move to the downside spawned by the markets reaction to Big Ben’s comments. Here’s a trade idea:

Short USD/JPY at 116.35, stop at 116.60, pt1 at 116.05, pt2 at 115.85

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.