UPDATE – USDJPY 6/3/2010


The USDJPY has gone straight up since our last post.  If you bought at 92.08 and then bought at the Tenkan Sen Test you would’ve bought again around 92.33.  Giving you an average cost around 92.20.  At this point if your a short termer you can take 50 pips profit on half  and bring our stop to Break Even.  If your a long termer hoping this will trade up to 94.50. then you may have to take some heat and use the Kijun Sen plus a buffer or a break below the cloud, you can also stop on half the position at break even to reduce risk.  Im still looking to sell half above 93.  We will say 93.20 to make it an even 100 pips, or anywhere in that area.  Don’t be focused on an exact price.  The point of profit taking is to “take profit”  It does not matter if it goes exactly to the price you want it to go too.
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About the Author David Terk