An order that seeks to buy at lower levels than the current market or sell at higher levels than the current market. A limit order sets restriction on the maximum price to be paid or the minimum price to be received. As an example, if the current price of USD/JPY is 117.00/05, then a limit order to buy USD would be at a price below the current market, e.g. 116.50. A Limit Order that is attached to a currently existing open position (or a pending entry order) with the purpose of closing that position may also be referred to as a “Take Profit” order.