Recap: After the first two breaks were closed out as false breaks for 10 and 20 pip losses, we were hesitant to pull the trigger on the third support break, but, sticking with the system is paying off as the third short from 3221 is currently 50 pips in the profit.
Today's Important News Events:
|JPY Bank of Japan Rate Decision (APR 27)||0.10%||0.10%|
|12:30||USD Gross Domestic Product (Annualized) (1Q A)||2.5%||3.0%|
|12:30||USD Gross Domestic Product Price Index (1Q A)||2.2%||0.9%|
|12:30||USD Core Personal Consumption Expenditure (QoQ) (1Q A)||2.1%||1.3%|
|13:55||USD U. of Michigan Confidence (APR F)||75.9||75.7|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
Trading Idea: Our short is still open as we are targeting 3130 for about 90 pips profit before the weekend. We have moved our SL to lock in 10 pips profit and we will also close if either a) the weekend rolls around and no targets have been reached or b) if there is a resistance break. We will not open any new trades before the weekend.
Happy Pipping and have a good weekend!