This is at interesting place.... 122.00-121.90 is good for buying, targeting minimum of 123.50 level. Also UJ, GJ, AJ all pointing towards coming JPY weakness before eventually JPY gets strong when UJ reaches @ 123.XX level.
Comment:
Taking out few chips from table with 50 pips. Expecting & waiting for price to retrace again to entry level to add back again some more. Its not unusual to get double bottom at this kind of setups. Will keep you all updated.
Trade closed: stop reached:
My remaining lots hit stops & I have not added new position because 1] the drop was very deep in one single candle, such bear power cannot be taken as mere retracement. 2] I was watching other JPY crosses & it observed that UJ &AJ (which I was monitoring) was going north but ChfJpy was going south, means CHF was so weak that it cannot pull the weak JPY.
