USDJPY – 70p left before the profit
Good afternoon, dear traders. So, the wave of strengthening of the US dollar began. For me, gold is certainly considered the main indicator of dollar sentiment, which yesterday worked wonderfully on the trading plan. The next target should be the yen.
Yesterday's expectations of weak statistics on America were not met, and the dollar strengthened against all currencies. On a heavily oversold yen, it's a good sign to "buy cheap."
The trading idea is to hold long positions on USDJPY until the breakdown of the obvious resistance level – the breakdown of the round level of 107.
As you know, my trading method – "hunting for stops", and it is in this tool that all sellers of August were trapped and unable to hide their risks for 107. According to statistics, most traders regularly knock out stop losses. This is because they tend to hide their risks for obvious, and sometimes the only possible in most cases levels and extremes, which are then updated with enviable regularity. What you see on the screen for the yen – a classic trap for sellers, before which only 70p remains. And they can be yours.
