Friday 9 January 2009

Trade Entry: USD/JPY Short Position, 09-Jan-09

Security: Spot FX (mini) USD/JPY
Direction: Short
Opening Price: 91.54
Contract: 1 (mini)
Opening Contract Value: US$10,000 (Ұ955,400)
Limit Level: 86.54
Stop Level: 94.04
Amount Risked: US$250
Interest rate differential fee: -0.15% p.a.

Technical Justifications:
  1. US economic data expected to worsen (Consumer Credit, Non-Farm Payrolls), see this article.
  2. Technical strategies indicating breakout to the bearish side, see this article.
  3. Bearish candlestick daily chart patterns observed (shooting star and confirmations) over the last 3 days.
Chart



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