Technical outlook and ideas for Forex pairs
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USD/JPY: Live Coverage Trade Update
Information is not investment advice
15M Chart
Daily Chart
In our FOMC Meeting live coverage on YouTube yesterday, we sent out a short signal on USD/JPY around 25 minutes after the decision and right before the press conference. The short signal was at 110.20 with a pending order to short again at 110.40. Many traders said the same thing “the dollar is going up, look at the reaction since the Fed decision”. Yet, I decided to short USD/JPY not just because I want to, but after reading the Federal Reserve statement, which showed NO change and no new information about tapering. USD/JPY dropped from 110.20 all the way down to 109.67 and we moved the Stop Loss to entry a few minutes after USD/JPY dropped below 110.0. So far, we are +50 pips in profit, and with the Stop at breakeven, there is nothing to be worried about. The lesson that many learned in yesterday’s live coverage is the following “Do not react to the initial reaction, always read the Fed’s statement, wait for a pullback and then join the trade, reacting to the initial reaction won't make you a successful trader”. Enjoy your profits.
|
S3 |
S2 |
S1 |
Pivot |
R1 |
R2 |
R3 |
|
109.69 |
109.74 |
109.79 |
109.84 |
109.89 |
109.94 |
110.00 |
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