Ensof0112
Long

USD/JPY: Interesting Setup!

FX:USDJPY   U.S. Dollar / Japanese Yen
314 2 0
Tom Stolper ( GS             FX strategist) came out with a bearish call yesterday (SHORT below 97.30. Target ~$94.30)

I am actually looking for the reverse to happen. His calls in the past have been pretty 'sketchy' to say the least. I am long from $97.25 with a stop onclose below $97. If this trade works I think short-term it should try for $100 resistance again (might actually break this time). If the bounce would sustain, then I think retest of highs around $103-$104 might be in the cards.
BoJ has shown no intentions of slowing its montary policy. Also, USD seems to be gaining bullish momentum.

Exit Plan:
However, If price indeed breaks and closes below $97; then I'll just go Tier 1 size short to see if the GS             trade works out.
giving some leeway to the stop.
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http://www.zerohedge.com/news/2013-10-03/goldmans-tom-stolper-has-fx-trade-recommendation-you
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