I’m long Japanese yen futures against 0.7075 (the 38.2 retracement level), targeting 0.7850.
I’ll take profits if and when it reaches our initial target. But will re-enter the trade on a decisive upside resolution from the developing double bottom on the weekly chart.
To be clear, I want nothing to do with the yen if it slips back below our risk level. The March contract is trading just below that level as I write, so wait for a breakout.