The USDJPY found its low early in the U.K. session and completed a bullish reversal pattern. An entry long was taken risking 11 pips for a potential 33 pips to our daily target at 112.98. Price gradually climbed to its Asian session high as the U.S. session was getting underway. With U.S. economic news releases pending, we locked in profit and subsequently closed the trade at our daily target, as the previous candle had a long upper wick and the 113.00 figure sat immediately above. As it turned out… the USD continued to strengthen and the pair continued to climb much higher without us.
The U.S. economy continues to strengthen but the market lately has had a tendency to focus on U.S. negatives as opposed to U.S. positives. It will be interesting to see how the final quarter of 2018 unfolds.
Good luck with your trading!
