Long USD/JPY enter at or around 79.30
Reason to enter... Price just crossed the 200 day moving average on the 5 minute chart and price appears to be at a weekly low. I'm looking for an 70-80 pip take profit which would put the yen around it's opening price at the beginning of the week. I would recommend a stop loss at the 79.00 level. If not 78.80 level will work.
I would also recommend selling the AUD/USD as well as the EUR/USD
Take profit for the Euro would be 1.26
Take profit for the Aussie would be .98
After putting in this JPY trade, fortunately the USD/JPY has risen 10+ pips since entry and hasn't even remotely gone down. Which leads me to think it's a well placed trade and should continue to rise as the dollar gains strength against the Euro, Aussie, Chinese, and the NOK. I will continue with updates to keep any followers updated.
My trade has done nothing but gone up. And since it's done so slowly yet surely, I would think it's still safe for a late entry. Just keep a stop at 79.00 and you should be good for at least a 60 pip gain.
As for the AUD/USD, its nearing .98 rather quickly. The EUR/USD still has some pippage to go. Facebook is coming out tomorrow so keep that in mind when considering shorting the dollar. Longing the dollar seams like a safe bet.
Sell: Price is below the 200 day moving average and close to a January support.
Since the yen is also the lowest yielding currency I think it's safe to buy JPY:
I entered at 8.42 and am looking to take a 50 pip take profit. If this take profit is hit within a weeks time I will be reentering in the same direction with more units. stop loss should be around 9.80 as this is a 40 pip away resistance level. I like this currency because it's slower moving, and one can buy 1000 inits with very little capital.