USDJPY 3-02-07

3-2-07

USDJPY

A long trade at 1.1790 was entered and stopped out at even yesterday morning when the USDJPY rallied to 1.1810 and reversed. The USDJPY sold off to the 1.1700 area and has reversed to the 1.1750 area this morning. I will trade the weekly range which is 1.1635 for a long trade. I will short the first pullback to 1.1820. It has been an amazing move down for the USDJPY which I would have been in from 1.2160 had I traded last Friday. Have a good weekend.