Yen and Cable Trade Review- 01/09/07

Trade Review for January 9, 2007:

GBP/USD

Buy at market (9390); Stop Loss= 9330; Target= 9450 (Originally posted on January 8, 2007)

Result: +60 pips

USD/JPY

Short at market (118.50); Stop at 119.70; Target= 117.60 (Originally posted on January 4, 2007)

Result: Currently down -83 pips. The Yen really took a beating yesterday. There is growing speculation that the BOJ will hold rates steady on their Jan 17-18 meeting while the dollar is looking pretty good right now, especially since crude prices dropped today. 117.60 was my original target, but with the recent movements, a more realistic target is 118.00. I will continue to hold onto the trade.

Total pips for the day: +60 pips

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>