I thought about it when it rose from mid 40s to mid 50s, but I'll let it go free a little still. As I mentioned first - it might take monday, tuesday for it to happen. I see the very erratic movements tonight and the comments from Thomson complementing it - there are no betters in the house for now. There will probably be more action towards the european session - where they have more at stake. I did scalp with demo though, and it's up roughly 20+ pips - I don't follow it closely with regards to pips - just account balance. USDJPY is pressuring a little, though .. in the low 105.30s.
I wouldn't be surprised to see more yo-yo action for little bit more. I would expect a pullback during the the European session.
Yes, it seems dominated by very sporadic bursts and erratic moves - like always - but with action like a wake in between. I'm trying to be quite patient with this one, but am not pleased by the about 35 tick bounce; still it shows it has the potential I expect. That could hold for the upwards direction too, of course. I will wait and see - if it seems bent on breaking above 1.30 hard I will drop it, but size is small so it doesn't hurt so much. edit: another thing that make me rethink my target: Thomson reported bids seen below 1.2425 ("from offshore bargain hunters" ... hey! the mid 20s "is my target" ! ) So, perhaps it'll feel a little crowded there.
From bloomberg on Yen: "Ready to Rebound The yen's 14-day relative strength index, an indicator traders sometimes use to gauge a currency's likely direction, is at 27.12. The index shows how rapidly prices have advanced or dropped during a given period, and a level under 30 suggests the yen may decline against the dollar. ``A gain in the dollar won't be a surprise after the pace of decline we've seen recently,'' said Keizo Tanaka, manager of market trading in Tokyo at Resona Bank Ltd. ``We may well see the dollar rebound a bit,'' to as far as 107 yen this week. Japan sold 32.9 trillion yen in the fiscal year ended March 31, as foreign investors bought record amounts of Japanese stocks, helping push the yen to a four-year high against the dollar and reducing the value of exporters' earnings. The situation has changed this financial year, said former deputy finance minister Takatoshi Ito, who worked at the Ministry of Finance from 1999 to 2001 as assistant to Haruhiko Kuroda during his tenure as currency chief. " take it with a grain of salt, of course :>
Analysts on Bloomberg says watch the 103.60 level, if that breaks it will probably test 100 or lower. I'm just being patient here myself, and I'm playing around with some new scripts I have to tweak some more. One analyst said that markets could get caugth with all this talk of very high new levels of â¬$, but I think most are quite careful here.
Not a very thick book here 25 mins to London open. But we're back to square #1. I've been struggling to find good stop-levles, trailing or whatever, and this is why I'm not that good at these positions. I could call it quits at break-even, but there's no fun in that; it's getting very late/early, though.
Especially the bid side! I'm on the short side from 72... Edit: Wow you're still up! Your time zone is EST+1 right?
Yes .... Quite a stretch, but it's been busy with some scripting etc. I have a feeling that the 1.3000 might give a mighty big bite today.
Let me know if you find a good stop-level The only thing I found is that, strongly trending markets rarely pullback more than 30 pips! The downside volume is stronger now. Perhaps a downtrend will develop soon. I slept like a horse this weekend, I'm still wide awake. Probably I'll monitor this another 2-2.5 hours.