We have a pending order to long USDJPY position at 116.50 looking for a move to at least the trend highs above 121, if not a rally to 125. A 15% allocation has been applied here and the stop loss is 115.00.
The USDJPY correction has been very similar to the previous ones seen at every 5 yen increment since we traded at 100 (on average a 4.4% correction from interim highs).
This, we believe, has presented an opportunity to enter a long position. The longer term trend remains up and we would expect a move back to the trend highs and beyond. Should the follow through remains similar to that seen in 2013, we could even be seeing a move to 125.
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