Trade: BUYING USD/JPY
Entry: @ 119.50 (just above today’s low)
Target: 121.84 (yesterday’s high)
Stop: 118.50 (breaching two breakouts that are now supportive)
Reason: I remain bullish on the dollar and do not expect this correction today to go much further. The Dollar/Yen rally has formed an uptrend which currently comes in at 119.26 and I see this correction as a chance to buy. The stop is a move below two old resistances which have turned to new support at 119 and around 118.60.
Trading Update on previous trades:
I have been short of FTSE 100 since 28/11/2014. I survived the jump on Non-farm Payrolls Friday before sharp declines yesterday which have continued today. I have subsequently hit my 6600 target for a PROFIT OF 110 points. Although the FTSE 100 has continued lower, the volatility of the recent days leaves me happy to have exited this position now. TRADE CLOSED.
I am also still SHORT Gold (02/12/2014) today at $1205. The position has been choppy in recent days and I am currently off-side by just over $2.
On Friday I also hit my NZD/USD SHORT position (03/12/2014) from 0.7780. The profit booked on this position was 120 pips. TRADE CLOSED
I also hit my target on my GBP/USD SHORT position that I put on for Non-farm Payrolls (05/12/2014). This has booked my a profit of 95 pips. TRADE CLOSED
My total booked profit is currently +498 pips