Yen on an uphill

Looking at the 4-hour chart, USDJPY seems to be consolidated in the range of 83.05 – 83.41.  If I look at the stochastic and MACD it seems like the USDJPY may head upwards, but the ADX is below 25, which suggests there isn’t a strong trend yet.

If I look at the 1-hour chart, we see the 10 EMA has just crossed over the 20 EMA towards the upside and MACD and stochastic support it. However again the ADX is below 25 which suggest there isn’t a strong trend yet.

At the moment I feel that I would play a breakout long on the yen if it breaks above 83.50 with ADX high than 25 on the 1-hour chart. So I’m going to watch this one out today, and enter once I get a confirmation on my charts.

 Update on Cable short trade!

Yesterday evening I left an order to sell cable at 1.6210 which got hit. I’m currently 43 pips in profit woohoo!

I’m going keep my stop loss at 1.6210 (at break-even). When spot moves to 1.6110, I’m move my stop to 1.6160.

Let’s see how this strategy works out! I’m hoping to cash in on more pips by keeping a trailing stop.