My short order on the USD/JPY was triggered @ 108.45 as the JPY continues to rise. I was of the opinion that JPY will test the previous high of 108.57 before turning down.
Looks like JPY is not ready to turn down yet as it now shoots past 109.00 (as I write this journal). Luckily I had my stop loss in place ... ended up with a loss of 30 pips.
My opinion on USD/JPY -
At the rate the JPY is rising, I think the JPY could continue up to around 110.00 (psychological resistance) before turning down. Going beyond 110.00 could see JPY test 110.85.
Entry: 108.45
Stop Loss: 108.75
Result: -30 pips
PS: The market is always right ... be in its good books and you shall stand to gain.
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