Little by little I´m starting to buy USD against JPY. The final targets are high, around 122-125 figures. Please notice the movement down can still be cntinued as 161% fibo level is below 100 figures! And no signs of intervention from BOJ. For now...
I will place my Stop Loss at 99 figures
So, first trade:
0.5 lots bought at 103.8, target 122
Trade with care! This is a very risky but, for me, worthy one!
It is not that I´m saying UJ will fall right now but I expect one more Wave down (please see chart below).
It can turn around right here (200 MA at 4H TimeFrame) or at 106.68. I´m shorting 1/4 lot here and will add 0.5 lots at 106.68