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BK USD/JPY Big Trade +70
BK -- Close USD/JPY at market 123.85 for +70. Looks like its struggling here. New Pre-FOMC orders to follow!
***First Entry Triggered at 123.15
BK USD/JPY Big Trade
Place Order to Buy 1 Lot USD/JPY at 123.15
Place Order to Buy 1 More Lot at 121.65
Stop for ALL at 119.70
We have been arguing for a pullback in USD/JPY for a few days on the premise that there are no US major economic reports this week and therefore profit taking is likely. We are finally seeing that decline which should be viewed as an opportunity to buy the dollar at lower levels ahead of next week’s FOMC rate decision. Although the Fed is not expected to raise interest rates in July, the tone of the monetary policy statement should be optimistic, reinforcing the notion that the economy is ready for tightening. We believe that we will have the opportunity to buy the dollar lower, at 123.15.