If you’re looking to get short in USD/JPY, the signs are flashing brighter and brighter.
Because with a previous large double top, and right now with a retracement into a smaller triple top, this pair looks set for a major reversal back towards 100-110 over the mid to long term.
Could it rise in the short term?
Sure, anything’s possible.
In fact, if you haven’t gotten in on the trade at this point, and you’re looking to go short, it might be wiser to wait for a pullback back into the 122 – 124 range. Plus, this week is fed rate decision week, so expect some fireworks both ways.
You know what this means, don’t you? Yep, it means a lot of people will enjoy soaring profits this week, and probably even more will be losing their shirts (and pants).
I’ve already “set the stage” with my trades across many currencies including AUD, NZD, NOK, etc., and most of all, Silver.
So protect yourself, be on the right side of the trade, and December could present you with one heck of a X’mas present.