EURJPY- JPY BULLET TRAIN MAY TAKE A HALT & REVERSE ITS DIRECTION

Symbol - EURJPY

EURJPY is currently trading at 168.200

I'm seeing a trading opportunity on sell side.

Shorting EURJPY pair at CMP 168.200

I will be adding more if 168.600 comes & will hold with SL of 169.000

Targets I'm expecting are 165.400 & beyond.

Disclaimer - Do not consider this as a buy/sell recommendation. I'm sharing my analysis & my trading position. You can track it for educational purposes. Thanks!

交易开始

USDJPY currency pair is in search of new gains on Friday morning. The dollar extended its aggressive upward move beyond ¥156.00. Now that the psychological milestone is behind us, dollar bulls are targeting ¥157.00. Earlier today, the exchange rate hit a new 34-year high of ¥156.60. This profit train has no final destination - it moves forward until someone stops it. I have already captured more than 300 pips in this up move.

Japanese officials have said they are watching the yen closely and are prepared to open a huge buying position if speculation gets out of hand. The weaker the yen becomes, the more likely it is to intervene. A weak yen is good for exports but bad for imports, and the Bank of Japan now has a choice to make.

Japan's central bank will meet on Friday to discuss what to do with the interest rate. At the previous meeting, policymakers broke out of a multi-year negative interest rate regime and raised borrowing costs for the first time since 2007. Markets are now pricing in the possibility of keeping the rate at 0.1%

EURJPY is ready to reverse its direction as per my reversal setup. I will short USDJPY pair as well 157.200 - 157.400 are my short/reversal levels in USDJPY. USDJPY & AUDJPY are on my main watchlist for a short trade.

交易结束：到达止损

Directly crossed my reversal zone (reversal levels according to my short setup) after shorting.
Closed in 80 pips loss.
I will short again if breaking these levels.

交易开始

Made short position again at 168.800 with SL 169.200

交易开始

CMP 167.800

It came till 165.650 & reversed. Missed my target by 20 pips.
Short position still active (100 pips in profit as of now) and holding with CTC SL.

交易结束：到达目标

CMP 164.650

Target hit. 415 pips profit booked.