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28/01/2015: Trading Update on USD/JPY LONG

I have been running a long position on USD/JPY from 117.40.

The rebound has however run out of a bit of impetus over the past few hours, interestingly it seems as though 118.00 remains a near term pivot level within the range. The Stochastics have rolled over (hourly sell signal confirmed) and it just seems as though the rally in front of the Fed meeting has played out. Furthermore, the hourly Parabolic SAR has been tripped on the hourly chart. I am not willing to hold a position over the Fed meeting seeing as I am sitting on a decent profit.

I have therefore TAKEN PROFIT at 117.925, locking in 52.5 pips of profit. This goes some way to making up for a loss on my GBP/USD short trade.

My SHORT GBP/USD position from $1.5030 got stopped yesterday at $1.5110 for 80 pips of loss.

USDJPY   28012015

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