USDJPY 3-29-07

3-29-07

USDJPY

There was a long trade entered in the USDJPY at 1.1680 that was stopped out for a 10 pip loss. The USDJPY spiked down to the area of demand at 1.1640 before reversing to a high so far today of 1.1755. There are two possible trades for today depending on where the USDJPY bases. The area of supply at 1.1773 is still a go for a short if the USDJPY does not breakout above 1.1740 first. The range between 1.1740 and 1.1773 will be to small for a counter-trend short trade if that happens. I will buy the pullback to 1.1726 and short 1.1773 if the pullback to 1.1726 happens ahead of the 1.1740 breakout.