Hi, I'm Chris Capre, founder of 2ndSkiesForex. I'm a verified profitable trader and trading mentor. As a professional trader, I specialize in trading Price Action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18 years of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.
USDJPY – Looking to Sell On Rallies, Key Resistance Levels Ahead | Jun 16
USDJPY – Closed My Short Trade, Looking to Sell (1hr chart)
After dropping several hundred pips in the last 24 hours, the USDJPY has bounced from the intra-day lows of 103.50, currently +120 pips higher. I tweeted earlier today the pair was likely going to bounce from some heavy profit taking, and this is exactly what happened (see below).
Sensing this bounce, I closed my short trade from just under the 111 handle for about +700 pips, but am still looking to short the pair on rallies.
Traders not already short can look towards the key resistance levels around 105.55 and 107.80. Only a daily close above 108 negates my bearish bias.
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