Profit on Japanese Yen Weakness

Profit on Japanese Yen Weakness




We entered this trade to profit on Japanese Yen weakness.

We entered this trade, taking into account forex trading news events, we hoped to stay trading longer term until price could reach at least above the 8400 mark.

On the the chart we can clearly see an area around the 8400 mark, and price appear to be trying to gain higher levels at previous times, while also dropping to lower and lower levels also.

Hoping that price could break through what was becoming a strong level of resistance, if this had happened, we may have seen price move to possible area around the 8700 area.

Noting this week we had data for the AUD we had Monetary Policy Meeting Minutes and Unemployment Rate and for the Yen, the news of Japanese Trade Balance.

So being both cautious and mindful of the sudden change in the money trading, we decided to take the profit for the fund.

Japanese Yen

(Our trading and image was done using an account with UK based broker IG)

*Please Note, Binary Options and Forex trading can carry a high level of risk to your capital as you could lose all of your investment. These products may not be suitable for every investor, therefore ensure you understand the risks and seek independent advice. Invest only what you can afford to lose. We are NOT financial advisers and we do NOT offer financial advice. 




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