Forex Trade Setup – Chart of the Week Sept. 6th

Verified Profitable Trader

USDJPY – Daily Chart
After the strong gains to start last week, the pair did what its been doing for some time now – rejected off the 20ema which it has now rejected off of 11x before.  This shows the institutional market is watching this as an opportunity to sell.  We have written about this before and talked about it several times so hopefully you got one of the last plays off of it since we started writing about it but the play still holds and after last weeks strong rejection off of it, one can say the play should hold up again.  The pair is coming into some critical lows at 83.60 which have held 2x before and if it holds up again, bulls can take a play off this low with tight stops or just wait for another play off the 20ema to sell it again so plays on both sides here while using the other side of the fence to take profits.

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