EUR/JPY: Long @ 118.77 - Up 200 pips - Adjusted Stop top 119

I was waiting for price to go to my prefered area of 116 or so, but it never reached it so I decided to risk it and go long at the 118.77 price and I first set my stop top a -200 pips at 116.77. It seems it paid off since I'm up 200 pips and the stop was never hit. So I raised the stop to a profitable 100 pips to 119.77 and I'll see how it rides out. For now it's up but as with any pair these days that may not be for very long. If one was to go long on this pair they would want to account a few hundred pips for a stop. Like the GBP/JPY this pair can whip you out of a trade really quick so watch out.

There may be a short opportunity coming up with this pair as the price action seems to fizzle out near this 120 area. keep an eye out for price to fall back toward the support zone of 113-116 area. If I short this pair it would be around 123-125 or so and I would set at least a 200 pips stop loss for a short. That 200 pips stop could get eaten for breakfast in not time though.