USDJPY trade (Sep07,2016, 280+pip profit)

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:

  1. Fundamentally, USD Non-farm for Sep is bad and manufacturing PMI is bad as well
  2. 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.

usdjpy_sep07_2016

trade:

usdjpy_sep07_2016_trade

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