Following up with the long GBPJPY recommendation from the previous week, the trade did not pan out as expected, and I ended up getting stopped out with minor loss. As the Japanese Yen continues to benefit from the rise in risk aversion, we may see the pair continue to trend lower throughout the remainder of the week, but I certainly expected to see a corrective retracement following the sharp decline from earlier this week as the daily RSI approaches oversold territory. As a result, I will try to go long on the pound-yen again and have placed a buy entry at 139.35, the 2/4 low, and will look to target the 20-Day SMA at 141.77, with a stop at 138.25, the February low.
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