SMMS update 23.07.2009

USD/JPY overbought 1 h RSI hit 70 at 94.80, sell. trendline is very steep, so the first target exit is at about 94.70-60. added second unit 95.20. Average price of 95.00, 2 units. The trade was closed at RSI trendline test 94. 98. 2 pip profit is not the real thing, and probably it will break down the trendline, but with little liquidity due to the holidays and option barrier at 95.00 broken, its not worth the risk to hold the trade, especially for me who really dont like to trade Yen crosses at all.

update: the RSI trendline indeed was broken later and at the time of writing this article USD/JPY hit the 94.81