USDJPY 3-30-07

3-30-07

USDJPY

There were two trades in the USDJPY yesterday. The first was a long trade at 1.1726 that happened on a pullback ahead of the 1.1746 breakout. The trade was closed at 1.1773 and a short trade was entered. The short trade was closed with a 10 pip loss. In hindsight, the long trade should have been left open and a partial profit taken at 1.1773 since the breakout above 1.1746 made the range between support and resistance less than the 3 to 1 risk to reward necessary for a counter-trend short trade. I will trade the 1.1738 to 1.1850 range for today.