The USD/JPY trade from last night hasn't gone very well so far, but I am still in it and have not been stopped out.
Considering the good news this morning out of the U.S. for CPI and Industrial Production, there should be some risk appetite in the market. I will add to the flame here by increasing my position against the JPY. Instead of going in the USD again, I will go long the EUR/JPY with a stop just below the 131 level, where there is some clear daily support. About 200 pips is a lot to risk for one trade, but I am not going in too heavy and there is a ton of room to the upside here, so I still believe the risk/reward ratio is in my favor.
risk ~ 200 pips
reward ~ 250 - 500 pips
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