Today's FOREX Trade of the Day was a short USD/JPY position.
Entry Sell: 107.00
Exit Buy: 106.28
Notional Intraday Profit: +72 pips
Today's intraday High of of 107.00 was right around the 38.82% retracement of yesterday's Daily range, rendering the retracement level a profitable Entry Sell level.
Today's intraday Low of 106.24 was below the 50.0% retracement level of the range from the 15 October Low through yesterday's High, rendering the retracement level a profitable Exit Buy level.
Look at the Monthly chart below and see how the October intramonth Low was just below the 50% retracement of the range from the High in early 2002 through the Low in late 2011.
Downside price objectives include 105.60, 103.85, and 103.10.
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