USDJPY – SELL – Wednesday 9th January – Double Trade

USDJPY – SELL – Wednesday 9th January – Double Trade (Closed)

Good afternoon Forex Kings,

Some extremely worrying news has been breaking from the Middle East.

Iran has attacked two US military bases outside Baghdad, and new reports is suggesting a third base has also been targeted, we are waiting for confirmation.

This will result in a response from President Donald Trump later tonight during the US session.

Gold and the JPY have sky rocketed based on safe haven demand.

We are now looking to capitalise on the USDJPY.

USDJPY 1 Hour Charts

The market is holding on a key support level at 107.90 – 107.70.

We are now looking to enter a double trade one being a market order and a second SELL Stop waiting for a drop lower.

Trade Set Up 1: SELL – Market Price – Stop loss set at 108.80, take profit set at 106.80

Stop loss: 90 PIPS

Take profit: 110

Trade Set Up 2: SELL Stop – Entry Price 107.60, stop loss set at 108.40, take profit at 106.80

Stop loss: 80 PIPS

Take profit: 80 PIPS

 

Trade Setup
SELL

Entry
107.90

Take Profit
106.80

Stop Loss
108.80