On Monday 8 September, I had shorted 20,000 USDJPY at 108.43, stop level at 110.00, target level at 106.94.
The yen traded near a one-year high against the euro on speculation credit-market losses will spread, prompting investors to reduce holdings of higher-yielding assets funded with Japan's currency. Rising yen pushes USDJPY cross downwards.
USDJPY went below 106.94, reached my target level, so position is closed. Profit is 143 pips, US$264.44.
Chart:
Forex & Binary Trading: USDJPY's profit up 143 pips (Closed)