May Trade #13 - BUY USD/JPY

May 28, 2009 7:53 am (Manila)

After wandering for the last 12 hours, this pair finally broke through into positive territory. However, I am taking this pair out as recent events unfolded. With North Korea rattling its saber with a threat to attack US and South Korean ships, this pair could head down due to the uncertainty of the situation. Hence, I am preferring to stay on the sidelines.

I am taking out this this at a respectable +18 pips/lot for a total of +36 pips.

I will be keeping a sharp eye on this trade and look for opportunities to re-enter.


============================================

May 27, 2009 11:20am (Manila)

Bought USD/JPY @ 95.42
STOP - 93.77
Limit 1 -96.58
Limit 2 - 99.59

On the daily chart, this pair has bounced off around 94.00. RSI indicate enough room for an upward push, MACD and Slow Stochastics both show signal to go LONG.

Plus, Japanese Trade Balance came out weaker than expected today, bearish for the Yen.