As the trading week comes to a close, the USD moved down against the majors and we liked the USDJPY setup. The pair made its high for the day early in the Asian session. It made a lower high in the first half of the U.K. session and made another lower high early in the U.S. session overlap.
Risking 10 pips for a potential 22 pips to our daily target which corresponded with the 108.00 figure, a short trade was taken. Price was able to move down easily to our target where we exited the trade.
Sentiment is negative today for the USD going into the weekend. The major pairs seem to be a little more active, which will bode well for trading if it continues.
President Trump remains keen on “tweeting” the dollar down and Chairman Powell had a dovish tone throughout his Humphrey Hawkins testimony this week.
Good luck with your trading and enjoy your weekend!
