New Spread Trade in $FXY

A new spread trade in the Japanese Yen ETF $FXY. An May 4th $91.00 call option and a May 4th $89.00 put option were purchased. The cost of the trade was $0.80 before fees and commissions. The expectation for the trade is $2.00. Stop loss points have been figured out. Some reasons for the trade are below

- FXY is at near term support. If it falls through, $87 is likely. If it bounces, $93 is likely.
- Fibonacci R's and S's confirm
- Regular Geopolitical events occurring which effects the Yen as a safety currency
- Sitting on 50 day sma

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