With the Nikkei down yesterday and the JPY unable to get traction above yesterday’s low – a short entry is taken.
The JPY setup required a 10 pip stop loss at entry for a potential 31 pips to our Target 2 and it moved nicely to our target before rebounding.
Although the GBP looked good too, I didn’t like the reward for the risk. The CAD is weakening substantially as WTI moves down taking out 6 year lows, but I have not been comfortable with the large stop losses required.
Good luck with your trading!
Back tomorrow if we find a trade.