I went over this earlier today and stated that I rarely trade this pair...but I feel the US stock market will be headed lower soon, which will impact the USD/JPY which trade in similar fashion. Secondly and most importantly, we have a nice downtrend on the daily/hourly with 107 being the point of resistance. We've made lower lows and I look to see this continue.
My first entry was at 106.35. I've staggered a second limt at 106.85 or so and may place another in between. My S/L currently is set just above 107.2 and I'm targeting the low 105's. I may pull the entire position at that time, may cut half and let the rest ride or simply adjust my stop and let the entire position run.
The charts show the daily and then the hourly...you can see the resistance and support levels as well as the downtrend that the trade is based upon.
Thoughts?
Good evening :)
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