I was preparing several different trade setups for today’s Yen pairs. However, the small talk by Congressman Yamamoto crashed my plans.
Thus I would like to show you one of my Swing trade plan.
Please look at the below Weekly Ichimoku chart.
Candles are touching the bottom of the Clouds, and I am not expecting the candles go any further up, as I am a bear with this pair.
Now looking at H4 chart (below),
The price is now at Fibinacci 50% level of the Aug-Sep sell-off. So I would like to see the price coming down from this level to the bottom (132.00 ish).
For the entry, I would like to see the break of 134.60 level, and sell from the pullback.
Please be aware that on Hourly chart, the price is still riding 21 EMA – very bullish.
Thus it may take a while to see the reversal. Also the price may go up to Fib61.8% level. But the key is… I would like to sell after observing Lower Low and sell from the next Lower High.
You should be cautious about today’s Yen pair for day trading, because of Yamamoto talk.
YJ Baik – Forex.Today @ Tokyo