EURJPY retraced and entered trade at 136.45!

Wow!  When the retracement came it actually retraced down to the 3rd Fibonacci level!

Ok I am now in play on the EURJPY entered at 136.45.

Hmm.... I am still pondering about what is a good Exit for this trade.

I feel that my Stop Loss at 135.89, just below the Support level at 136, is about right, a potential lose of 56 pips but is my Target Exit of 137.57 (112 pips) too aggressive?

After consulting my Risk Management system, I'd say it is too risky to try to stretch that far.  So I have decided to reduce my Target Exit to 137.33 (88 pips) which is just at about the 1st Fibonacci level above the peak move.  This exit still provide a pretty good Reward:Risk ratio of 1.57.

EURJPY
Long: 136.45
Stop Loss: 135.89
Target Exit: 137.55

Happy Trading!