Trade Background:
Price broke off a bullish trend channel last week on May 23th. Since then price has been trading in a bearish channel. Now price is testing final resistance level again.Which gives us traders a good opportunity to short this pair with limited risk. In addition, with the global equity market nearing correction territory, it could give the Yen a bullish push.
Trade Idea:
Positioning: Short
Time frame: 1H
Length of Trade: 1 day to 3 days
Entry: Between 109.350 to 109.450
Stop: 109.500
Exit: 109.150
Price broke off a bullish trend channel last week on May 23th. Since then price has been trading in a bearish channel. Now price is testing final resistance level again.Which gives us traders a good opportunity to short this pair with limited risk. In addition, with the global equity market nearing correction territory, it could give the Yen a bullish push.
Trade Idea:
Positioning: Short
Time frame: 1H
Length of Trade: 1 day to 3 days
Entry: Between 109.350 to 109.450
Stop: 109.500
Exit: 109.150
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.