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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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