As expected Yen failed near 117.50 and decline towards 116.50 levels. We booked a profit of 80 pips for our 117.40 sell position at 116.60. For now we would still expect the currency to hold below 117.00 level for on more decline towards 116.00. So prefer selling at 116.90 for a decline towards 116.20.
Sell @ 116.90 for 116.20, with stop above 117.20.
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