Short idea.
This pair looks like will finally breakout to the downside.
Will look for a set up on the smaller time frame and sell on the retest of previous structure (111.685).
based on the daily structure of this pair, you can expect price to go towards 109.000 level. So i will place 2 orders and take profit on one after a 3:1 ratio around 110.300ish and let the rest ride.
This will highly depend on the daily close also and the move will be confirmed with a break bellow 111.330.
Looking across the xxxjpy basket, most pairs are losing strength against the yen. This is based on fundamental reasons, i.e. a risk on environment developing with trade wars between China and US as well as other political tensions, also, the daily structure long term of most pairs in the xxxjpy bracket is bearish only excluding the USD which is bullish.
This pair looks like will finally breakout to the downside.
Will look for a set up on the smaller time frame and sell on the retest of previous structure (111.685).
based on the daily structure of this pair, you can expect price to go towards 109.000 level. So i will place 2 orders and take profit on one after a 3:1 ratio around 110.300ish and let the rest ride.
This will highly depend on the daily close also and the move will be confirmed with a break bellow 111.330.
Looking across the xxxjpy basket, most pairs are losing strength against the yen. This is based on fundamental reasons, i.e. a risk on environment developing with trade wars between China and US as well as other political tensions, also, the daily structure long term of most pairs in the xxxjpy bracket is bearish only excluding the USD which is bullish.