USD/JPY: Take Your Profits
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15M Chart
Daily Chart
USD/JPY declined further during yesterday’s trading, reaching as low as 109.36, while our short signal from 110.20 is still active and is giving us over 80 pips. Technical indicators are still suggesting further declines ahead. However, another dead cat bounce could be seen at the final session of the week, which is also the last session in July. Therefore, it is wise to take our profit and/or close some of the positions and move the Stop Loss lower by 35 pips, this is only if you decide to hold the trade until next week. Otherwise, +80 pips on one single trade aren’t bad. I’m trying not to be greedy.
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 109.43 | 109.45 | 109.50 | 109.52 | 109.57 | 109.59 | 109.64 |