The EM woes have led to USDJPY feeling very heavy. The close below the cloud also has given me more reason to sell:
Now as the market has dropped substantially helped by the lower than expected ISM yesterday, i am hesitating to sell here. I am therefore using the trend analysis sheet to provide me with an entry at 101.98. Using the correlation matrix, i favour hedging my self in the case of a move back higher in USDJPY. Therefore, once i have entered into the trade, I will look to buy the DOW or Nikkei against it. I will evaluate once we trade at 101.98 in USDJPY.