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Closed Trade: USD/JPY Short 8/29/2017

Mosaic 55 - Forex

Closed Trade: USD/JPY Short 8/29/2017

Short USD/JPY at 109.23  on 8/25/2017.    Initial Stop Loss  109.85.

Profit: 40 pips

Initial entry short after a lukewarm response to Yellen’s Jackson Hole comments. Not much immediate follow through after the first flush down but a drifting consolidation that was steadily rejected by the 109.40 level and the ever looming presence of the falling 200 hr SMA kept a negative bias ever present in our trade. Eventually a definitive breakdown did occur in our favor when on Monday North Korea launched a missile over Japan causing a risk off move which benefited the Yen and our position. Profits were taken shortly after as a positive Consumer Sentiment reading eased markets in the US.

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