The USDJPY set up nicely for us today. A short was taken risking 5 pips for a potential 33 pips to our daily target at 105.09. This trade had a great risk/reward ratio and it’s difficult to find trades where risk can be this limited. A confluence of reasons made this trade irresistible.
As price moved lower, we locked in profit and the trade was closed as our daily target was reached just above the 105.00 figure. The USDJPY has not been trading large ranges, but it has been trading to the psychological round numbers and mid-figure levels with consistency for some time now. These are not levels to be greedy near.
Trading is likely to remain actively back and forth until Brexit, the U.S. election and the Covid virus concerns are behind us.
Good luck with your trading!
