The usd/yen is setting up for a short. If prices stay in this area or go higher, I will be shorting around news time (8:30am EST). Price action will determine timing.
Since I generally enter at pivot points, I cant imagine it going above the 2nd resistance level which is currently at 104.09. If it does break that area, it would not be by much. I usually get in with 1/3 to 1/2 of my total intended trade. That way, I can cost average down and stay in longer. I do not remember the last time I was more than 30 pips off. Keep in mind, this call is based upon mid afternoon levels on 4/2.
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