Hello traders, USD/JPY is trading at 109.40 . The pair is trading in resistance and support wedges in an upward channel and rebounding back to touch its support level . As the price has already touched its resistance level and rebounding back to its support level , it can give a small short opportunity. The entry price is 109. 40 , stop at 109.70 and target at 108.96.
Follow proper risk management strategy to avoid unnecessary losses and to increase profitability, don’t risk more than 2% of your capital on each trade.
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Thank you,
Rishikesh Lilawat
Rishikesh Lilawat has over seven years of experience in trading Forex and commodities markets, out of which three years in two investment banks as a professional Forex and commodities trader. He holds an M.B.A degree in finance and business analytics from the University of Pune. Realizing the central role of a trader and because of his personal and particular interest in trading, He built skills in market research, technical analysis, fundamental analysis, risk management, and fund management, etc and focus his efforts on communicating and sharing views on market trends and patterns.
