May 5th (+9 pips)

Trade 1 Long USDJPY (-20,+29 pips)

a good technical set up, i have been looking for a chance to getlong but only a couple of hours to the US Jobs data whichadds a degree of caution.  The forex brokers have adjusted there margin requirements in advance of the weekend French election which means position size is relatively small, i did not want touse all om powder in this one shot.  The $ may have completed a 3 wave pullback in its ongoing rise against the Yen, as long as short term dips remain above 111 I will continue to be a buyer of this pair.  The hourly target would be 113 but the daily chart is showing th epossibility of significantly higher values, it is unlikely that the rise will really get going until the dollar index completes its current pullback which, I think is likely to end next week.