I've been watching this pair for a while now. I think it is getting ready to fall and if it does, it could go 200-300 pips. I will sell the pair if it closes below the blue entry line on the hour chart. I'll move to break even at +50 pips of profit and probably put a trailing stop on the trade. If it gains momentum, it could fall to the 800 sma and, if it goes on, to the green base line. The green line is a continuation of the previous up trend. The stop on this trade will go above 0.7480 (about 100 pips at the current price). If that is too rich for you, trade a smaller lot size.Happy Trading!
PS. The USD/JPY trade is now open and has been bouncing between the entry at about 99.00 and +20 pip mark. I'll move this trade to break even if it gets to +30 (which is a change from the original trade idea so note it if you are following this trade.)
