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09/12/2014: Trading Idea BUYING USD/JPY


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

 


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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.