Wednesday 14 January 2009

Trade Entry: USD/JPY Short Position, 14-Jan-09

(Trade Re-Entry)
Security: Spot FX (mini) USD/JPY

Direction: Short
Opening Price: 89.30
Contract: 1 (mini)
Opening Contract Value: US$10,000 (Ұ955,400)
Limit Level: 86.30
Stop Level: 91.80
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 over the last week.
Chart


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