Saturday, April 10, 2010

USD/JPY 5 Minute Chart

USD/JPY has moved from the low at 92.83 in an impulsive manner. Price only just missed my long position order at 92.70, however I believe the current wave 2 pullback offers a good opportunity to get in on the trade. I am going to attempt a long from 93.2, based on this chart. My stop loss will be just beneath the low at 92.80 so risk is minimal. Target is 95.50.

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