Turnaround Tuesday is living up to its name. I have been anticipating this turn, especially in the yen pairs. I missed the quick test down in UJ and EJ at the Tokyo opening and have been waiting for a test of the lows again. I guess 99.35 is the lowest we will see today. So I’ve closed the shorts and gone long as follows:
USDJPY: closed short from 99.92 at 99.50, +42 pips.
Now long UJ at 99.50 with an extreme stop at 98.90, although I might exit if it goes below 99.15 again today.
EURJPY: closed short from 131.44 at 131.30, +14 pips.
Now long EJ at 131.30, SL at 130.75.