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