USDJPY - SELL - 26th July 2022




USDJPY - SELL - 26th July 2022 (Closed)


Morning team,

All three trades are still running in profit at the moment with no risk.

We are entering a position on the USDJPY leading into the FED interest rate decision on Thursday morning.

There has been a clear breakdown from a rising wedge structure, and a number of indicators are suggesting a potential trend change.

USDJPY Weekly Chart

The RSI is signalling a bearish divergence indicating a change in trend. The MACD is close to crossing over to the downside also.

USDJPY Daily Chart

There has been a breakdown from a very sharp rising wedge formation at a major resistance zone, indicating a bearish reversal opportunity.

USDJPY 1 Hour Chart

We are looking to count 5 waves down, and so far the USDJPY is still trading in a 3rd wave decline.

Trade Setup: SELL market execution, current price 136.32, stop loss 137.39 and take profit target 133.53.

Stop loss: 107 pips

Take profit: 279 pips

Trade Setup
SELL - Market Execution

Entry
136.32

Take Profit
133.53

Stop Loss
137.39