By: Sara Patterson
It looks like USD-JPY is showing a weak uptrend, and trading on the hourly chart continues to be quite choppy. When the market broke above 81.07 and then above 81.30 levels it seems as though the pair was heading higher towards an 83.00/10 resistance. But yesterday it failed to hold its earlier gains and slipped back below these critical levels. Due to the oversold conditions, the initial bias today is likely to be on the upside, but so far there does not seem to be a compelling trade setup here.
Strategy: The hypothetical long position from 81.43 was stopped out at 81.00 with 43 points lost. Stand aside.