Ok, despite my earlier comments about this being a high-risk week for trading, I see a very good opportunity in USDJPY. It ticks all the right boxes for me:
– all the technical factors are aligned for a move up to at least 96. 94 has proved to be strong support for this pair even through the Euro crisis.
– USDJPY is the least affected by the European crisis, although there is some contagion.
– US data this week should prove supportive of this pair
Long 3 lots ($33/pip) USDJPY at 94.68. Extreme stop loss at 94.0, but I’ll be monitoring this pair if it goes below 94.30.