Raising the stop to 113.50 from 113.10
- The original longs from last week at 112.45 have been managed along the road, resulting today in a long USDJPY at an average rate of 112.55.
- The worsening comes due to the wobbles we had last week.
- I upped my stop last Friday to 113.10 and again today I raise it to 113.50 to guarantee 95 points profit plus a week of positive carry.
- And as we broke another trend line resistance at 113.60 and hold on the little run down we saw half an hour ago.
- This tightening reflects some uncertainty over the Fed Chair position and the Tax reforms in the US.
- And never bad to lock in profit if the trade starts to look fragile.
- Topside I am still looking at 114.40/50 as the major target/break level for this position.