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.

USDJPY D1 24.10.2017

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