Today, I shorted the USDJPY at 109.51 after seeing that the JPY has retraced to near 110 regions. Felt that it should start to turn south soon.
Entry: Short @ 109.51
SL: 109.88
Target: 107.90
Result: JPY decided to move up instead of down and took out my trade. Ended with a 37 pip loss.
Some views on AUD/USD. This pair formed a doji star on 13 Aug. It looks like it could stop going down further. Would look to catch a bottom shadow (PowerWave) to go long. If it does retrace up, I think we could be looking at around 0.9400 before it continues the downward move.
(Afternote: AUD/USD ended the week with another doji. Looks like the market is still not showing any direction yet. )
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