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Old 06-13-2007, 09:21 AM
Antonio Sousa Antonio Sousa is offline
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USD/JPY Profit Target Was Reached.
Quote:
Originally Posted by Antonio Sousa
The Bank of Japan is expected to keep rates unchanged and the USD/JPY seems poised to test the January 29 high at 122.17.

Go Long @ 121.80 limit
Profit Target @ 122.17
Stop @ 120.95

I think this is a high probability setup and I'm ready to trade it with a decent position size. However, things can easily go wrong. Let me know what could possible deny this trading setup. A break below 121.50? Carry Unwind? BoJ rate hike?
Our previous USDJPY trade worked out just fine and since the same fundamental factors remain on play we think we can do it again. Over the past week, the interest rate differential between the US and Japan has widened significantly and dollar strength will probably continue. However, I recommend waiting for a small retracement since the dollar looks a bit expensive.

Go long @ 122.01 limit
Profit Target @ 122.44
Stop @ 121.70
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