This weekend we looked at potential selling opportunity on the USDJPY (see the video or check out the linked chart below.) After opening at my killzone I was never given a reason for entry. We then pushed higher, to a previous minor level of support offering what I thought would be an even better chance to get short. Once again, price violated that level without giving a reversal pattern and here we are now.
A violation of the 110.66 level would shift my mindset on selling the USDJPY and currently we have a potential Cypher formation forming within that level at 109.94. Because the risk is a little too expensive for me on this one, I'll be looking for reasons for entry within the killzone shown on the chart.
USDJPY has been rallying with the lack of Nuclear test from Korea and the less devastating than predicted storm in the southern United States. It'll be interesting to see if this Dollar strength has real legs or if the market is just reacting to the "moment" and will settle back into it's bearish Dollar ways.
Akil
How Bout Dem Cowboys!
A violation of the 110.66 level would shift my mindset on selling the USDJPY and currently we have a potential Cypher formation forming within that level at 109.94. Because the risk is a little too expensive for me on this one, I'll be looking for reasons for entry within the killzone shown on the chart.
USDJPY has been rallying with the lack of Nuclear test from Korea and the less devastating than predicted storm in the southern United States. It'll be interesting to see if this Dollar strength has real legs or if the market is just reacting to the "moment" and will settle back into it's bearish Dollar ways.
Akil
How Bout Dem Cowboys!
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