Winner, Winner, Chicken Dinner...

I'll take my chances that the makers of the movie 21 don't sue me for using this title. Looks like the EUR/JPY trade is going very well. I definitely made the right decision to stick with it, as the recent existing home sales numbers, released 10:00am EST, exceeded expectations. The U.S. equity market surged, as did the carry trades (basically, anything against the JPY).

The EUR/JPY broke out of the hourly resistance I mentioned earlier today, and I will look to take some profit here for a risk/reward close to 1:1. The only difference between how I'm taking profit here and last Friday's profit taking on the GBP/JPY "hedge," is that being short the JPY (long EUR/JPY) is very much my preferred direction and so I'm more willing to leave some risk on the table, even if it's through the weekend. Additionally, after taking some profit, I will raise my stop-loss to the 133.81 level in order to protect the remainder of my trade.