Here’s a quick trade idea on USD/JPY,
Short at market (103.40). SL at 103.80, TP1 103.00, TP2 at 102.80.
Appears USD/JPY has found resistance at 103.60 and may move lower from here…
103.00 just hit. Taking a 1/3 off the table and going for TP2.
USD/JPY today may 6, 2010 is going down with a lot of strength it starts the day around 94 and it is now at 90 level. Is amazing the market is such a mess right now, is full of risky aversion and the only ones going hard are the USdollar and the JPY amazing how it went all the way down.
The pair is still going down. Although the pair closed higher last week , it remains vulnerable to the downside towards 91.58 while holding below the 92.72 level.
The Jpy is going down the stochastics remain in the bottom, the pair is going down and it seems nothing can stop it. Again the market is afraid of the Euro problems, the tension between the 2 Koreas, etc. So again the JPY has become the perfect refugee for the investors.