Quote:
Originally Posted by John Kicklighter
My long orders triggered this morning at 108.65. Already took my first target at 109.60.
Don't know what I want to do with the second target. Perhaps a hard target far away and trail my stop and keep up with a trailing stop (though not to close as there is no doubt going to be retracements int his environment.
Watching EURJPY and GBPJPY closely to see if they can follow suit. I am still skeptical of the dollar's ability to drive a pair that is heavily influenced by its carry trade affiliations.
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Of all the analysts, you have the short and perhaps medium term direction right. However, it is quite likely that we will get a 7-day reaction on the dollar/yen, on the 7th and 8th, pulling the price back to 108. I would wait as long as until 11th to 13th next week for a cyclical low to buy from. But we have to trade what we see and not what we think. Indicators remain high at this time of writing.
