The USD was weak again today. With the CAD getting bumped around by NAFTA talk, I saw a nice setup in the USDJPY. After the disappointing PPI release for the U.S. – we went short. This trade required a 12 pips stop loss for a potential 36 pips to our daily target. Price moved down about 10 pips then went sideways going into the U.K. close.
The trade had looked promising and had price gone through our daily target at 111.10 we were hoping for a test of the 111.00 figure. It wasn’t to be and in trading you get what the market gives you. A number of other correlations made this trade appealing, but some days it just doesn’t happen.
Tomorrow brings a number of economic news releases early in the U.S. session.
Good luck with your trading!