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Short | 26 December 2017

26 December 2017, USD/JPY

Short

Technical Observetaion:

After a day off trading, the US dollar is still rallying below the upper resistive trend line. As long as this trend line protects the upper side, we expect a possible rebound from this trend line to pick a short position with an ultimate target along the lower trend line. Ideally, as long as the price remains within the contracting wedge formation we're only interested in trading reversals, if the one of these trend lines is broken, then we'll look for a possible trade depending of the break. At the moment, we're looking for a potential low risk sell opportunity. This pair should be traded alongside CADJPY, CHFJPY, AUDJPY and NZDJPY. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendation:

Remain short with your target along the lower trend line/

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Bob Stan
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