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USDJPY Trading Idea

Posted on Oct 25th, 2016

by colibritrader

USDJPY Trading Idea

This week has been quiet so far. Today’s Q3 Personal Consumption Expenditure growth is much weaker than Q2. We also had a disappointing Consumer Confidence Figure.

by: Colibri Trader

Dear traders,

The trading idea from last time is still on. We have seen a bit of a consolidation, but definitely still in a downtrend. I am still eyeing the 112 level as a primary support level. A daily rejection candle was formed, which is confirming the bearishness. So, I don’t see a reason to change my trades.

USDJPY Trading Idea

Today’s trading idea is coming from the USDJPY. It looks like an interim top has just formed. The daily candlestick formation is a pin bar showing bullish rejection. I will be looking to enter in a short trade at around 104.40. My stop-loss would be placed just above 105.00. The first target is the level of 103.00. My second price target is the level of 100.00.

Happy trading,

Colibri Trader

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