Looking at the 4H chart, I couldn’t really see any clarity in the situation of USDJPY, don’t know whether to Long or Short.
However, go to the 15M chart, then, all of a sudden clarity comes into the picture. The spot rate cut above the 50MA at 112.87.
I was out for lunch so couldn’t really do anything, however, I decided to put in a Long, Stop If Bid at 112.90 with SL at 112.70.
As it turned out, my trade was triggered and I am now Long USDJPY at 112.90. Current spot is at 113.28. Let’s follow the spot position and see what happens.
Cheers to all.
The Panthenon Investment Group 