Weekly Price Action Setups & Key Levels | Jun 5-10

usdjpy false break setup 2ndskiesforex

NOTE – I currently have active trades in the following instruments: USDJPY, XAUEUR, CADJPY, TSLA, NZDJPY, USDMXN, CHFSEK, GBPUSD, USDSGD, USDCAD, 2 vanilla options and VXZ

USDJPY – Second False Break Setup in Profit (daily chart)
For the second time in about a month, the USDJPY has formed a false break setup at the 110.90 key role reversal level. I’m currently short at 110.84 with about +430 pips of profit at the moment on 100 pips risk, so +4R at the moment with profit locked in which you can see below.

For now I’m maintaining my bearish bias while the pair is below the 111.45 figure on a daily closing basis. I’m expecting some profit taking from bears around the …

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