Tuesday 10th December
JPY may see some strength going into the end of the week as risk in the market will increase. With major economic announcements coming from the ECB and FED as well as the tariff deadline the JPY could see strength as the safe haven currency.
The last 4 Decembers/January, the USDJPY has suffered some large losses as risk in the market increased. Currently the USDJPY is now approaching a major structure which has provided an area to sell from .
USDJPY – Weekly Charts
USDJPY Daily Charts
The optimal entry could be around the 61.6% FIB level which is a key level to trade from. This entry would be at roughly 109.25, which would also be the bottom of the ascending wedge formation. The 78.6% FIB level could provide a stop loss how ever due to the distance we will place a stop above the swing high of 109.80
Trade Set Up: SELL LIMIT – Entry Price 109.25 – Stop loss 109.95, take profit 107.40