In my post of 22 Oct, I asked the question whether the momentum would hold and this remains unanswered a week later. Bulls made an attempt to move higher and still closing above the 113.15 handle on a Daily closing basis, but what a grind! I’m not a swing trader or fond of trading USD, but decided to stay in this trade and grind my way up and down with the pair and will continue to do so until it takes me out or hits my TP targets as per my post of 22 Oct. This might take till December (LOL), but I’m hanging in! It is at a strong resistance now at 114.242 area and the Daily Stoch is peeping down, but I can also see that the pair has consolidated between 113.15 and resistance on a number of occasions in the past, so with my overall bearish bias on USD, I’m taking a chance with this trade. Let’s see how it plays out and a Daily close below 113.15 will be a bearish signal. I will dearly miss Fed Chair Yellen next year as she has made bears rich these past 2 years.

USDJPY - FOLLOW UP 28 OCT

Source: MARYNA

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