After ECB President Draghi’s speech today, the EURUSD, EURJPY and USDJPY moved up in a “risk on” environment. This was also very evident in the U.S.10 year yield. The USDJPY had probed lower earlier but found buyers and the bulls eventually took control. After the bullish close back above its Asian session lows…an entry long was taken.
Price moved up to test yesterday’s high in advance of the U.S. open. We protected ourselves by tightening up our profit stop in case the rally ended with the U.S. traders. After the bullish Consumer Confidence number the pair climbed higher and pushed through our Daily Target level. As our Daily Target and the Asian session high were the same, we gave the trade a chance to retest the level risking only a few pips. We continued to ride the upward momentum and closed the trade at the U.K. close.
Good luck with your trading!