USD/JPY SHORT AFTER PULL BACK
Fundamentals:- The Monetary policy was kept pat by the BoJ last week which caused the further downside that we witnessed from Thursday. We expect to see some profit taking around the 106 level which could cause a pull back and give us another opportunity to jump in for sell positions this week.
Technicals:- The price started to pull back from 10550 this week and we expect this to find resistance at the previous support level as marked out on the chart. However we can not rule out that the pull back could go back to the 50% fib level hence the alternate dashed arrows on the chart. I will be including the 61.8% fib in the stop loss and splitting the lot size across the two trades.
Technicals:- The price started to pull back from 10550 this week and we expect this to find resistance at the previous support level as marked out on the chart. However we can not rule out that the pull back could go back to the 50% fib level hence the alternate dashed arrows on the chart. I will be including the 61.8% fib in the stop loss and splitting the lot size across the two trades.
