USDJPY trade update and preparation for reverse entry

In an earlier post, I mentioned remaining rather bullish on the the USDJPY pair. Initial jobless claims did posted 260K, which did not put much of a damper on the U.S. Dollar.

Here was a trade that I took earlier and finally closed off this position:


I closed this position after seeing the range forming (overlapping bars) in this 104.10~ price zone. I will be preparing to enter a possible short position as this may be a sign of bid exhaustion.

Looking at the current filled orders, there are no more bid fills. If this continues, price will most certainly fail to break higher.


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