The first six months of 2018 have taken the USD/JPY on a rollercoaster ride. Featuring a massive sell-off and subsequent recovery, this market appears ready to test yearly highs. The 78% retracement level for 2018's range may come into play as topside resistance later in the week.
Here is the trade:
1) Entry: Sell 111.39
2) Stop Loss: 111.76
3) Profit Target: 111.02
4) Risk vs Reward Ratio: 1/1
This trade produces 37 pips on a rejection of the 78% Fibonacci level and a return to the 111.00 handle. It is unlikely to go live until the economic releases scheduled for Thursday and Friday.
Here is the trade:
1) Entry: Sell 111.39
2) Stop Loss: 111.76
3) Profit Target: 111.02
4) Risk vs Reward Ratio: 1/1
This trade produces 37 pips on a rejection of the 78% Fibonacci level and a return to the 111.00 handle. It is unlikely to go live until the economic releases scheduled for Thursday and Friday.