Looking for 112.00 print(USD/JPY).

I am short from the 116 level. My initial target is 112, my stop is 116.25.

The cross has been straight up since November. I believe the R/R favors a short position from these levels. That does not mean we will not see a new high, it means the probabilities favor a short position, IMO.

Trading is about making reasonable estimations, not certainties.

If you agree/disagree please leave a comment below.

Zlecenie zamknięto ręcznie:

I elected to close this trade for a b/e. I did not have a sufficient lead and I was not going to risk my stop being jumped if things get volatile during the Fed this afternoon.

I have seen crazy things during Fed pressers. To me it is not worth the risk.