A weaker USD again today produced a small corrective wave in the USDJPY which bounced lower after touching yesterday’s low – just in advance of the U.S. open. A short was taken risking 12 pips for a potential 42 pips to our daily target. With a number of U.S. economic releases pending, we moved our profit stop to plus one pip in advance of the news. We then systematically locked in profit as price moved to our daily target where our trade was closed.
The market remains focused on the U.S. tax reform and and a flattening yield curve…in the meantime the USD is continuing to be sold.