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Long USD/JPY, GBP/JPY

Long USD/JPY, GBP/JPY

2017-01-31 19:39:00
James Stanley, Strategist
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Long USD/JPY & GBP/JPY

The two below setups are designed as plays on Yen-weakness after the BoJ made no noticeable shifts at last night’s policy meeting. Both the U.S. and the U.K. have pivotal Central Bank meetings in the coming days, and each of these pairs have seen a recent hit to their bullish up-trends. The setups below are designed for top-side continuation, and given the volatility that’s expected over the next couple of days, stops have been widened out to give each of these setups some room to work, which means smaller position sizes in order to keep total exposure minimized and, of course, wider targets, looking for bigger moves.

Long USD/JPY at Market

Stop at 111.18

Limit 1: 113.75 (stop to breakeven)

Limit 2: 115.30

Limit 3: 116.75

Limit 4: 118.50

Long USD/JPY, GBP/JPY

Chart prepared by James Stanley

Long GBP/JPY at Market

Stop at 139.79

Limit 1: 143.87 (stop to breakeven)

Limit 2: 145.00

Limit 3: 147.03

Limit 4: 150.00

Long USD/JPY, GBP/JPY

Chart prepared by James Stanley

--- Written by James Stanley, Strategist for DailyFX.com

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