As of 1220am, I have a buy limit to go long at 85.5. Should it fill, my stop would be at 85.3, and the limit sell at 86.5. I was about to place a stop buy order at 86.1, but going long at this price is dangerous, considering where the USDJPY sits within its 1 day upchannel. On the 60min chart, you can see that we are currently overbought. In other words, even if we break 86 in the next few hours, we're likely to have to pull back soon after, as we're near the top of our 1 day upchannel.
None of the other FX pairs are attractive swing longs or shorts at current levels. I missed out on much of the action in FX yesterday, being relatively tied up at work.
It's way past bedtime here, so I'll leave it at that for now, and will update you tomorrow on which of the 2 buy orders triggered.
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