Shorting USDJPY: Time to hop back to the trend!

Jan Aldrin Laruscain

SELL USDJPY

EXP

EXPIRED

137.494

Entry Price

133.537

139.677

163.783 -0.068 -0.04%

Pips

EXPIRED

133.537

133.772

Exit Price

137.494

Entry Price

139.677

Fundamentals

Despite the USD’s dominating fundamentals on the previous weeks, the USDJPY pair has been toning down on the bullishness. The team can attribute this seemingly continued weakness on USD’s underwhelming rate increases as they were rumored previously to decelerate the pacing of their rate increases—with so, the USDJPY bears has seen this opportunity to drive the pair downwards.

Technicals

Starting with the daily chart, UJ has continuously broken down lower lows following further bullish disengagements. As seen on the mark-ups, the pair has finally finished retesting the major key level it broke last December 1, and has since then, broken a minor support structure just recently this December 13. The team is anticipating a possible retest of the major support now turned resistance—marking that as the entry for our short set-up on UJ. We are flagging this trade out with confidence as the set-up is well protected by the trendline and the 50% Fibonacci Retracement.

Shorting USDJPY: Time to hop back to the trend!_1

SET-UP

ORDER AND SELL-LIMIT = 137.494

STOP LOSS = 139.677

TP = 133.537

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