Short on USD/JPY

Discussion in 'Forex' started by stockcapo, Jul 22, 2009.

  1. Selling USDJPY
    • Short USDJPY at 93.55
    • Stop loss: 94.95
    • Target: 87

    USDJPY has been forming a head and shoulders pattern over the past 5 - 6 months. Yesterday it
    closed back below the neckline at 94.12and has also formed a short term evening star pattern as a
    result of the poor closes this week.

    U.S. yields are likely to move lower from here, further supporting the
    move down in USDJPY.

    Your Thoughts?
  2. sakhter


    there's actually a head/shoulders pattern on the 30 minute chart... but besides that, there are too many prices in between to consider before going for $87..

    What time-frames are you trading? If you're trading monthy charts, then I would say kudos. I admire your patience, as I cannot wait months to close a trade.

    My short term bias' for USDJPY are:

    Buy stop @ 95.71, t/p $96.40 & possibly $97.52. Watch the close above $95. Make sure the level holds.

    Sell stop @ $94.37, t/p 93.97 & possibly $93.34. Watch close below $94.60. Make sure the level holds.