Short on USD/JPY

[stockcapo]

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?

 

[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.