I am a bit busy recently and didn’t publish the FX strategy for past one week.
For USDJPY, I did publish the chart before and the trend is bearish trend. I shorted USDJPY at 104.17 and it hit my tp at 101.35 this morning.
Why I short USDJPY is due to the following two reasons:
- Fundamentally, USD Non-farm for Sep is bad and manufacturing PMI is bad as well
- Technically, USDJPY rally until the upper side of downward trend and stop there. Why I put my tp at 101.35 is because this position is 0.618 pullback of previous rally.