Here's the current update. Price has take off and i thought i would discuss what i am looking for re objective with this trade. I have two lots of UsdYen( + 1 $(-jpy)@89.31 & + 1$(-jpy)@89.14.
I have a moved both my stops to 89.30 & 89.31 so would break even on one lot and make a measly 15 ticks on another....However we have an problem with my objectives. There are three ML sets in operation. Long term red centre line which comes across the screen left to right( see Red centre lines previous interaction with price on this chart around the 90.33 area) and price has touched this red CL and now (as i write) pulled back.Then we have the green UMLP and the blue (most recent) up sloping centre line.
We have an area of confluence with these three lines and it maybe price will even try to test the green UMLP.
I am not going to take anything at the red centre line but take profits on one lot at the blue centre line and then move my remaining profit stop up to 89.63 which has some previous market structure and also represents an area of a Fib 38.2% retracement will be just above this profit stop. In addition i am using the reaction line (diagonal dark crimson) which again has behaved as a support resistance line for price (see chart).
It's a Friday session and anything could happen but it's 5pm French time (GMT+1) and there's plenty of time yet to go.
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