USDJPY 4-27-07

4-27-07

USDJPY

There was a short trade entered in the USDJPY yesterday at 1.1955 that was stopped out for a 10 pip loss, The USDJPY rallied to the 1.1971 area of supply before running out of gas. I will re-enter the short trade at 1.1954 with a sell stop and a first target of 1.1925. I will put the stop loss to entry after the first target is reached. If the trade goes 10 pips in my favor, I plan on trailing the stop loss since there is an area of breakout support at 1.1937.