EURJPY downside in view
Yesterday I suggested USDJPY was about to take another dive basis a "cloudy" outlook. It did. We not only gave back the gains seen on the Bank of Japan "announcement" but we also saw further weakness later on the Federal Open Market Committee statement.
Management and risk description
Once the first target is hit, move the stop to entry. It's a pretty tight stop to start with anyway, versus the potential reward if all three targets are hit.
Entry: sell at market (currently 113.13).
Stop: above 113.60.
Targets: 112.10, 111.00 and 109.60.
Time horizon: one to two weeks.
EURJPY Daily "Ichimoku Cloud" chart:
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