Since October 21st last year the USDJPY has been in a downtrend making lower lows and lower highs.
Today as the U.K. session got underway the pair moved lower, retested its Asian session low, before moving lower still, and as the U.S. session got underway, the pair retested its Asian session low one more time. A bearish engulfing candle followed and a short was subsequently taken risking 25 pips for a potential 75 pips to the 129.00 figure.
The pair moved down taking out the previous low of the day… then down near the 129.30 level but bounced 20 pips to retest 129.50. As the pair attempted to take out the 129.30 level once again, it bounced and the trade was closed as it moved above the previous candle’s low.
Good luck with your trading!
