USDJPY Trading Idea

This week has been quiet so far. Today’s Q3 Personal Consumption Expenditure growth is much weaker than Q2. We also had a disappointing Consumer Confidence Figure.

by: Colibri Trader

Dear traders,

The trading idea from last time is still on. We have seen a bit of a consolidation, but definitely still in a downtrend. I am still eyeing the 112 level as a primary support level.  A daily rejection candle was formed, which is confirming the bearishness. So, I don’t see a reason to change my trades.

USDJPY Trading Idea

Today’s trading idea is coming from the USDJPY. It looks like an interim top has just formed. The daily candlestick formation is a pin bar showing bullish rejection. I will be looking to enter in a short trade at around 104.40. My stop-loss would be placed just above 105.00. The first target is the level of 103.00. My second price target is the level of 100.00.

Happy trading,

Colibri Trader