Don't be fooled by the small moves on the Yen after this important Japanese report/meeting, the REAL move usually comes 15 or 20 minutes later. Sneaky sneaky...
Zbojnik, the Yen (USD/JPY) is forming a triple-bottom formation on the 15-min chart. Like I said yesterday, this type of formation is usually very hard to break during the Asian session, so it's your call buddy. Good luck.
I'll paper trade along too. How about a short EUR/JPY at 141. 67 with a 13 tick stop and a 26 tick profit target (EUR/JPY is at 141.67 right now).
well my guess is we are guaranteed a touch of 141.33 from here... going by xelite's performance thus far.
You are looking for a 2 to 1 risk-reward trade that's a good start, assuming you have a good reason to short the euro yen. Pretty sure it's going up, let's see...
I'm not a forex trader by any means - never touch the stuff (this is just a "paper" trade), and I have no "reason" to short it other than the price action as viewed on a fifteen minute chart set up for a probably retrace of the rally from 141.35 - 141.75. If it were TSLA and it were 10:30 AM I'd have taken the same position.