DarrenWells
Long

USD/JPY LONG TERM RANGE BOUNCE

FX:USDJPY   U.S. Dollar / Japanese Yen
USD/JPY             has been in a range since the start of the year (2014) which has admittedly been getting tighter in recent months. The target profits coincide with key fib retracements. I am looking to keep this trade open for a good couple of months so

People may consider this risky at the moment with the news surrounding Portugals banks which will drive demand for the safe haven currency. I feel bearish on the pair for two reasons:

1) The Portuguese prime minister and central have both publicly stated that BES (Banco Espirito Santo) does not require any support to deal with its debt.
2) The fantastic jobs data out of the US at the beginning of the month is being massively discounted.

This trade setup still applies to those that want to sit on the sidelines for the next week or so for the knee jerk panic to clear from the markets.

- Darren (12/7/2014)
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