News events for the day that could affect this trade
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. (JPY) Industrial Production
. (USD) Retail Sales

USDJPY

USDJPY Daily

Price seems to be topping off at daily role reversal area in confluence with MM4 - bulls profit taking zone for the month. I'm expecting price to rally back at least towards MPP level before end of the month.

USDJPY 4hr

on 4hr, Price broke the bullish trendline. If price continue to crawl below the trendline as it is doing right now, I'd look for selling opportunity somewhere between 38.2- 61.8 fib in confluence with WM3 and 115 psych level.

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One thought on “USDJPY Daily Sell Setup – 14th March 2017”

  1. Ryan Gandalf van Jaarsveld says:
    March 15, 2017 at 11:36 am

    Trade plan makes perfect sense – my only caution is being a bear on the USD ahead of a rate hike with fundamentals telling us that they are going to hike. In the event that the outcome of the FOMC announcement was bearish for the USD I would look to short this after the fact. Also I would have mentioned the FOMC rate decision in the news and maybe given reference to the Fed watch tool indicating a 95.2% chance of a hike as a caution to bears front running this.

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