The equity markets around the world sold off on Monday and with an already soft USD, a short was taken on the USDJPY risking 12 pips for a potential 35 pips to our daily target at 108.41
After a retest of the Asian session high early in the U.K. session, the USDJPY moved lower. We waited for it to break 2 technical support levels then entered short. The pair moved lower going into the U.S. session overlap. Price continued lower – closing below our daily target level, but retraced the next candle closing our trade.
The Core CPI economic releases are due on Wednesday followed by crude oil inventories in the U.S.
Good luck with your trading!
