I didn’t like the overnight Equities reversal
- I don’t know the reason why Japanese equities spoiled my party, probably a take profit snowball as I couldn’t find any news. Anyone ?
- It does make it increasingly difficult to hold the 114 USDJPY , so I decided to put the longs on hold before touching my stop sub 113.20 and go into jobbing mode for now.
- As a fellow trader rightfully pointed out, there have been 4 attempts at the 114.50 since May and all failed.
- There are 2 levels in the immediate neighbourhood 113.45= 20 dma and 113.75/80 a few MA’s on the H4. I’ll be watching these for immediate action and wait for 113.20 or 114.50 to break before picking a direction again. Break through the lower support should see 112.25 and 111.75 closing in. Through the top and we’re on to the Monthly top of the Ichimoku cloud at 115.75 but do we have enough strength for any of these moves? I reckon the US Tax Plan will give us a direction