Friday, July 16, 2010

USDJPY - counter trend attempts

As per twitter I just took a long in USDJPY with tight stops. I am allowing myself a total of 5 attempts here over the next 3 trade days to get a first part of a long position build there. I know we broke important support @ 87 here but this pair has provided great sharp reversals in the past, if one is nimble and can absorb a few attempts of being stopped out there is some nice gains to be had. Ultimately I am looking for a retest of at least 90 from the eventual bottom/reversal point.

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