The past few days I've shared my trades that the yen will continue declining in value, and that now was the time to short it. Specifically, I have trades on to go long AUDJPY and CADJPY, and a pending order to go long GBPJPY. And now, I'm adding a long NZDJPY trade to this as well.
By now the setup is familiar: the pairs were all trending up, but have recently pulled back to the 50 SMA, which is near a horizontal support level, and where price is forming doji candlestick patterns -- a classic sign of weakness. So I'm going long at 88 (about where the 50 SMA is), with my stop at 87.35, which is a few pips below the recent swing low. My target profit is 90.50, which is based on the AB=CD projection on the chart. I'm risking 65 pips to gain 250, which gives this trade a reward/risk of about 3.846.