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Trade Ideas

Trade Idea – 28 May 2013 (07:16 UK Time)

Hi Traders,

Hope you have had a good break over the bank holiday weekend. Here is a trade idea I fancy if it materialises during the European and US sessions today.

Take a look at attached USD-JPY chart. The pair has been having a strong rally over several months fuelled by BoJ interventions. However last week we saw a break of a minor uptrend within the larger uptrend. There has been a retest of the broken trend line and it acted as resistance upon retest. The Asian session this morning has seen a rally in the direction of main trend and price action is currently approaching that area of resistance. I would like to take a short in that area for a short term trade as follows:

Sell USD-JPY at 102.35

Stop Loss at 102.60 (25 pips)

Target 1 at 101.87 (48 pips)

Target 2 at 101.06 (129 pips)

usdjpyh1 28may2013

Happy Trading!

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