So, I decided to buy a bunch of Japanese Yen using the US Dollar. For those of you who aren't into Forex market and maybe another instrument, this means that I am looking for the price on this chart to drop.
Here is a monthly and 5 minute chart.
monthly is in a descending triangle formation.
5 min has broken out of a descending triangle formation.
I am currently +45 on the trade.
Fed chair Bernanke stated possible fed cuts in future. Yen is strong right now.
This is the third time it is testing monthly support. I really do believe its gonna go under and we
are going to see some major JPY rallying.
I don't have a target for this. I will risk a good 30 points and just sit on this for a while hopefully.
If all goes to planned and usually it doesn't because I get scared, I should walk out of this one with a nice profit.
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