For the purposes of our performance report, our trade ideas are opened at an order entry time/price detailed in the email until target, stop or 21:00 hrs for European/US sessions or 06:00 the following day for Asian/Pacific session. Email updates between 07:00-16:00 Hrs (UK Time)
- USDJPY - We look to Sell at 111.32 (stop at 111.62)
USDJPY - Broken out of the channel formation to the downside. The formation has a measured move target of 110.90. The 161.8% Fibonacci extension is located at 110.91 from 113.80 to 112.02. There is no sign that this bearish momentum is faltering but the pair has stalled close to a previous swing low of 110.67. The selloff has posted an exhaustion count on the daily chart. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 111.32, resulting in improved risk/reward. Our profit targets will be 110.80 and 110.05.
