112.77 trendline and 112.91 top of the Daily Cloud

The Weekly Turning (Tenkan) line coming in today @ 112.80 is a little extra. And The lagging span is not giving any extra bullish indication
Option expiries held in the 112.65/70 zone.
The week’s been marked by USD and risk rallies through the crosses, mainly driven by wrong shorts (I cut mine through 111.45 earlier this week) and Japanese investors not waiting for the 110 to be hit to pile into foreign currencies. It’s also risky ahead of the Tax bill vote, but finding a lot of pre-emptive buying is done .
And techs are techs and here we are to try and test them , some hold and some are broken . I am putting my stop at 113.00 for 30 pips risk
If I survive the tax vote, there’s a fair chance we’ll close below the top of the Weekly Cloud at 112.35 and risk/reward will be looking pretty good for a return to 111.70 and 111.40 where I will reassess.

USDJPY D1 01.12.2017

USDJPY W1 01.12.2017

K-man

Fundamentalist market maker, turned all round market taker.
Philosophy: “Cycling is good for your health, overtrading is bad”

Read how Koen got into trading here
K-man

Latest posts by K-man (see all)

Pin It on Pinterest