JPY crosses

USD/JPY: Fresh longs in play

I’ve just taken a small long USD/JPY position at 78.55 and will see how it develops over the next few hours.

Initial support is at yesterday’s highs at 78.46 and if this holds I’ll look to add to the position.

  1. Sean, how do you judge whether it holds above 78.46 and have upside potential? It could stay above that level but fail to go any higher and break lower?

  2. There are now 2 hourly lows which are higher than the 78.48 spike low from earlier so I consider that a ‘hold’. I have now therefore raised my s/l to v tight levels

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