Pick of the Day: EUR/JPY

Good evening! Sorry it’s a little late! Hopefully we can start out our week right with this one!

At 2:00 am EST we have the BOJ releasing its monthly Monetary policy report. This report covers economic developments and serves as an indicator to possible future interest rate moves. As you can see in the chart, the pair is in range mode as traders await the announcement. I’m looking to catch some volatility tonight with possible hints of an interest rate hike.

Long EUR/JPY @ 143.75, stop @ 143.45, PT 1 @ 143.90, PT 2 @ 144.40

Short EUR/JPY @ 143.13, stop @ 143.60, PT 1 @ 143.00, PT 2 @ 142.55

Now with economic news coming out in the Euro zone I suggest taking profits at PT 1. Of course, if you hit PT 1, close half of position, set stop to B/E for other half, and go for PT 2. Close opposite trade when position is entered. Close all trades and open orders at 12:00 pm EST or at your discretion.