[B]Long or Short:[/B] Long
[B]Entry Point:[/B] 1.0200
[B]Stop Loss:[/B] .9980 (below the low of Thursday’s candle, 50% Fib, and parity)
[B]Profit Target/s:[/B] 1.0750 (previous support and resistance level)
[B]Reward-to-risk Ratio:[/B] 2.50:1
[B]Risk percentage:[/B] 1%
[B]Indicators used:[/B] 14,3,3 Stochastics
[B]Trade Rationale:[/B]
[U]Technical[/U] - morning star pattern at the 50% Fib, Stochastics is in the oversold area, potential profit target at previous support and resistance area on the daily chart
[U]Fundamental[/U] - optimism in the Euro Zone, rally in commodities, recent rally in high-yielding currencies
[B]Trade Adjustments:[/B]
I’ll cancel the trade if price reaches 1.0400 without hitting my entry. If triggered, I will close early if candle closes below Friday’s low or move stop to BE as soon as price reaches 1.0300. Lastly, I’ll keep close watch for a BOJ intervention on USD/JPY next week and close trade early if still open.