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05/03/2014: I have just sold USD/JPY @102.751

The rate has now rallied back towards the key resistance at 102.83 and I believe that this is a chance to sell around the top of the trading band once more. The rate has hit 102.81 this morning and backed away again.

The intraday hourly momentum indicators (RSI, MACD and Stochastics) are stretched and in a range phase this increases the chance of a reversal. Trading at the top of the range means that I can have loss nicely above the 102.83 resistance. There is a band of support 102.00/102.20 which is just back towards the middle of the recent trading band.

Over the course of trading in the past few weeks, I like the risk/reward of this trade.

I have put my stop loss at 103.05 (30 pips) which is above the key high at 102.83.

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At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.