I am now long the USDJPY as of 1107 this morning (Singapore time). Entered at 85.988 w/ a stop initially set at 85.88 and since raised to 85.95 (just below the rising channel support). On the hrly chart, USDJPY is currently just shy of the resistance line connecting Jul 28 to Aug 6, but looking slightly bullish on the MACD and RSI. The 5min chart looks somewhat overbought, but appears to have enough juice to power a breakout above resistance on the hrly.
NFP releases tonight at 830pm (Singapore time). Should USDJPY hold above 85.7 within the 1st hr following NFP, I will add to the USDJPY long. If not, wait until the USDJPY falls to 84.8 (15yr low), and observe whether this level holds. If so, add once a recovery above 85 (and retracement back to 85) is made.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment