IDEA CONFIRMATION(2) USD BREAK/OUT/DOWN (POST NFP) LEVELS TESTED

2023年2月10日

I have updated my previous idea. All the pairs broke out or down. However, all these pairs are now at support levels that can change the direction in a heart beat. Even USD/JPY is still above the support line despite the awesome falling knife price action yesterday. I did go long the moment it hit the weekly closing level and exited the trade for 104 pip profit a short while later. Risky, yes but as long as you know your support levels before hand, it is doable. I closed my original USD/JPY long during Asian trade last nigh and I also scalped 45pips down to the expected support level which at that time was at 131.10. Entry profit target was hit during the spike down. Now flat on USD/JPY until official confirmation of the new BOJ governor and long on EUR/USD until the USD CPI print. All in all, exciting week in FX world.
CONCLUSION: the market has positioned itself in a fairly neutral position leading up to USD CPI. I'll be keeping my position smaller and tight stops on profit and loss. Good luck everyone.