USDJPY 4-08-07

4-8-07

USDJPY

There was a short trade entered on Friday in the USDJPY at 1.1927. The USDJPY ran into the weekly area of supply and has begun the process of trying to absorb the supply by basing near the area. The 60 minute chart shows that the USDJPY traded in a 13 pip range for 7 hours after the NFP report pushed it up to the area of supply. If the USDJPY trades up to 1.1938 on Sunday, this short trade will be closed with a 10 pip loss. If the USDJPY trades down to 1.1900, a partial profit will be taken and the stop loss will be moved to entry. The short trade will be closed at 1.1886 which is where the breakout happened on Friday, and a long trade will be entered at 1.1880 if the USDJPY trades down to that price.