Adding to long UJ and EJ

5.49 gmt

The price action is cautiously encouraging although the downside risk is still strong. Both the yen pairs tested support at 117 and 88.20 respectively and those supports have held. The European morning action will be key. If those supports hold when London trades, then we should see a move back towards 120 and 90 in the next few sessions.

Long $44/pip EURJPY at 117.34, SL at 116.80

Long $44/pip USDJPY at 88.36, SL at 87.85

My aggregate for each pair is as follows:

Long $88/pip EURJPY at 117.58

Long $132/pip USDJPY at 88.49.

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