FX:USDJPY U.S. Dollar/Japanese Yen
USDJPY has recently broken the descending on higher time frames telling me this price is at the beginning of a run. We do however expect there to be a substantial pull back which will allow the more aggressive traders to take a sell position around 103.600 on a re test of the neckline of the head and shoulder reversal formation. The conservative trader may well be inclined to wait for the price to pull back fully to the 102.00 area before buying.
Trade active: First position active
Comment: moving nicely now...50 pips profit
Trade closed: stop reached