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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