Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
USDJPY still remained weak and pretty bounced off the trendline I mentioned in twitter. For now I expect more falls from here until it’s below this trendline.
Very nice bearish engulfing candle indicated bias is more bearish now and as it bounced off the trendline I think it’s good to short now with a very tight stop at 82.40 above the trendline.
Let’s zoom into the hourly chart:
It looks like price already bounced off the hourly 200sma too and it’s at the 20sma now. It’s seems that a good short setup might taken place here at 82.01 as we have got a good risk reward ratio.
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