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Long

UPDATE #2: TRADE:USDJPY: BUY@118.700 TP1 + Current (+238 pips)

FX:USDJPY   U.S. Dollar/Japanese Yen
795 0 9
I haven't posted anything on this pair this week as I chose to just let this trade work. So far, I have already bagged +88 pips on the TP1 on this pair (see Related Ideas: "UPDATE #1: TRADE:USDJPY: BUY@118.700 Post-NFP TP1 Hit (+88 pips)"). I chose to let 50% of my trade position on this pair to ride. And so far, that other 50% has yielded +150 pips so far (as of the time of this posting) for a combined total of +238 pips (unrealized profits).

I am still just going to let the trade do it's thing until it at least reaches my TP2 and then I will decide what to do.

I had posted about this pair after it had completed the initial triangle pattern which bagged me pre and post-FOMC a nice +172 pips profit. (see Related Ideas: "UPDATE #1:QUICK ANALYSIS: USDJPY: Scenario #1: Triangle (+172)").
This chart was posted 12 days ago in which I said that there was a good possibility that we would continue to see a longer sideways consolidation:
FULL ANALYSIS: USDJPY: Scenario #1 Contracting Triangle Done

Well, that is EXACTLY what we got. More sideways consolidation. Here's the updated chart for comparison.. I removed the green butterfly as it was no longer relevant for clarity:
snapshot

Anyway, I'll be looking more at this pair to see if any changes in my outlook need to be made.

Have a good weekend and RELAX!
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