USD/JPY Discussion

I'm seeing it differently. One of two options usually play out with this sort of price action.

I took the trade because I was looking at GU as well. Gu has been a bit choppy today. So figured id take UJ as an opposite. Both at potential turning points for the day.

I take very high risk so i BE very quick. If it works it works wonders but most times it doesnt.

Buy usdjpy. Tp 109.450

buy - 109.24

sl = 109.00

sl = break even

USD/JPY snaps 2-days of declines, retraces dip below 21-EMA

USD/JPY chart - Trading View USD/JPY was trading 0.15% higher on the day at 109.40 at around 04:40 GMT, snapping 2-days of downside. US 10-year Treasury yields fail to extend the previous day’s corrective pullback around 1.56% whereas the US dollar index (DXY) snaps two-day declines and was trading 0.10% higher at 90.06. The latest US jobs reports dragged inflation expectations to a six-week low, added extra strength in rejecting the reflation fears and also the Fed’s tapering woes. Market sentiment improved, putting a bid under the US dollar ahead of the crucial inflation data on Thursday. Biden’s infrastructure spending plan and removing of the covid-led activity restrictions in Canada and the UK keep markets risk positive. The major trend in the pair is bullish. Price action is above cloud and major moving averages. Weakness only below 55-EMA. Focus now on US Good and Services Trade Balance for April ahead of Thursday’s US Consumer Price Index (CPI) data.

It has turned the corner and now drifting up.

Possible bear trap 110.22 off FOMC.

closed - 109.57

sell - 109.53

sl - 106.66

closed - 109.48

sell - 109.71

sl - 110.0

closed - 109.60

buy - 109.44

sl - 109.40

Interesting indicator I found while doing some reading.. Seems to have some merit. Notice how we appear to be bouncing off that 62% Fib. I need to look into what all that shtuff is on the left, but looking noyce.

sell stop - 109.97

sl - 110.30