Phibase Technical Trade
USDJPY SHORT : Trade Setup Recommendation : 12 Feb 2019
USDJPY has staged a 5 wave recovery from its low seen on 3rd Jan 2019. The potential to reach the resistance zone 111.00 to 111.40 may be seen if US and China talks conclude with a positive note. USDJPY has also been moving up as the Yen has been weakening over past few weeks. Potential Reversal Zone (PRZ) is seen as 111.00 to 111.40. We expect Yen to start strengthen again and USDJPY could see the start of corrective wave A from the PRZ.
Phibase team has setup an automated script to short trades in the PRZ zone which offers good risk reward of 1:3 (75 pips : 225 pips). 100 Day MA at 111.75 provides final resistance level to place stoploss above for the short. We will also look to buy into retracement dips to 110.00 levels with very tight stoploss below 109.85 (if the dip is seen prior to 111.00 being achieved).
- Symbol : USDJPY
- Analysis time frame D1/H4
- Original Recommendation Date : 12 Feb 2019
- Technical Levels : Elliot Wave, Support levels
- Potential Reversal Zone : 111.00 to 111.40
- Target Price : 108.50
- Stoploss : 75 pips or below 112.00 which ever is lower
- Hidden Stoploss : above D1 100 MA
- Risk:Reward = 1:3 (-75 pips: +250 pips)
UPDATE 14 Feb 2019 : USDJPY price nearing PRZ (~111.40) with stronger than expected data and No US Shutdown deal - This price was originally anticipated to be reached on US-China talks concluding on a positive note. IF price pulls back from current level, the level for reversal trade will remain at 111.00 to 111.40. In case the price remains in this range going into the weekend, we will need to factor in another trade news based upmove which could take the price a bit above 112.00. FSP Short trades will be taken based on revised PRZ seen at 111.75 to 112.25
Technical Trades History
06 March 2019
04 March 2019
04 Mar 2019
5 Feb 2019
6 Jan 2019
5 Feb 2019
28 Jan 2019
23 Jan 2019
2 Jan 2019Clone trades from our Phibase Portfolio
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