Many yen pairs formed long wicks last week, and they've followed through with sharp rallies. As such, I've been eyeing potential entry points on these pairs. USDJPY gave me a setup I'm most comfortable with, in that I'm long at 106.13 with my stop at 104.93 and my target profit is at 109.73. I'm risking 120 to gain 480, which gives me a reward/risk of exactly 4.0.
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Learn more about trading: www.informedtrades.com