USDJPY short trade

USDJPY Daily-chart

In a previous blog article I analyzed the USDJPY and explained where trades make sense to me. Now there is a more recent chart showing my current short trade. First of all, we see that the course, as I announced, has reached the upper resistance line of the trend channel. I said that this area will act as a psychological level.

Here I expect a response from the seller. Sell many traders here, the course drops. Of Course you do never know for 100% on the Forex market, but you're working with probabilities. In the next chart, let's look at how I've put my stop-loss and take-profits.

USDJPY 4h-Chart

In the 4h-chart I have labeled my entry and exit targets. I like to share my trades in several positions in order to set different profit targets. I expect a reaction here, but no one knows how strong the movement will look. So I take the first take profit not only a profit, but also reduce the residual risk, if the course is turning and I am stopped out. The next few days show more.

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