Although the stock markets were up nicely today and the U.S. 10 year yield was up significantly… gold and the USD were up modestly.
As the USDJPY attempted to move above its Asian high and failed, we went short risking 10 pips for a potential 60 pips to our daily target. Price moved lower and pushed down hard on any buyers as evidenced by the long upper wicks early in the U.S. session. When the first long lower wick appeared… as price tested its Asian session low, we tightened our profit stop and the subsequent candle closed the trade.
On Friday we have ECB’s President Draghi speaking, followed by Canadian inflation numbers and U.S. building permits.
Good luck with your trading!