USDJPY signals pointing lower
A near five-big figure rally since August’s low at 99.54 has attracted sellers back to the market in September from close to 104.45, a 62% correction to the July-August gains as well as to Ichimoku cloud cover. This cloud cover is following the market lower and is providing the resistance to sell rallies, highlighted by Wednesday's failed spike higher.
Management and risk description
Sell just modestly on the open and lower stop to entry if the first target is met.
Entry: sell at market and then at 101.72, Wednesday's opening trade.
Stop: 102.78, last week's top.
Target: 100.10, last week's low and 99.54, August's low trade.
Time horizon: this week.
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