Caught a USDJPY long fresh off a rebound against prominent structure. Since I don't usually trade USDJPY, I tightened my stop a bit; hopefully structure alone will keep price action floating comfortably above. I will probably reposition stops once T1 is hit, as there is always the possibility of a T2 hit. Let's hope for a bullish spike following the release of TIC flows and / or CPI.
Comment:
Yen crashed HARD. Let's see if the pair returns to structure, in which case we may be due to reassess the long. It is, however, scary that the Yen broke into the 99's -- the psychological barrier may no longer provide adequate support. Hopefully Bullard's speech today and the release of the Fed minutes will strengthen outlook on the dollar pending a rate hike sooner than later.