I was optimistic about going long the USDJPY today, but it was the other majors that proved to be the better pairs to trade.
As the U.S. session got underway, the USDJPY began to move up allowing a long entry requiring a 12 pip stop loss for a potential 40 pips to our daily target. Price moved up and closed bullishly above its Asian high and then moved higher before coming back down to retest it – closing our trade for very modest gains. A look at the 4 hour chart reveals technical resistance that had sellers entering… preventing a close above 1.1245 for the day.
The USD is looking a little stronger this week and a positive meeting between President Trump and John Taylor as a possible successor to Janet Yellen was initially well received by the market.
The EURGBP continues to be worthwhile watching as the market remains bearish on the GBP.
Although I don’t usually post trades of small gains, the market has been subdued of late and any gains are welcome in what is normally an active month for traders.
Good luck with your trading!