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.
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.