thank you! what kind of spreads you have on these pairs? i want to compare them with mine. these spreads don't seem as tight as futures. i'm used to one or two ticks and i'm in the money.
What I am seeing right now is more repatriation effects - where USD is strengthening and JPY is strengthening even more. I would think that some incentive from BoJ will move the JPY significantly, and they did have an extraordinary meeting earlier today. Japanese exporters will be suffering from a too strong Yen, and that will certainly be something of a concern to BoJ. But these are longer-term considerations - maybe also medium-term ... short term, we are seeing uncertainties and relieves chopping the markets. EURJPY 139 to 141 seems a pretty safe bet - but it could need some significant wide stop-loss too... Just be conscientious that the US RTH are drawing towards a close and uncertainty sets in... Asian session might relieve this.
Should be interesting to watch the Asian open tonight. The EUR/JPY had some strong moves today. I sat out most of the day from 10 a.m. EST after that CHF debacle
I was monitoring the touch on 138.50 and wanted to get in at a double touch of that - even contemplated mid around .60 .. but I was a cheap bastard, but it's better to be safe than sorry. It's always good to secure some minimal profit as well - when it moves comfortably ahead of the entry - so that no matter what - you don't lose on a scalping trade. It looks like it can do 141 - but it will need babysitting for getting in at a less optimum level above 139, as well as deciding on "fire & forget" - or - constant babysitting and trailing with a smart stop loss adjustment. I prefer babysitting really, but 141 might be well into the Asian session - which means late hours, therefore a sane small profit stop and 141 topside - or maybe even better - but it will probably be "two-timing touch and broken bones" (The Hives), so if it passes 141 it will trace back at some time too. Right now - it needs to explode in a move through 139.50 to convince further. With only a few minutes to the US close, that seems unlikely right now - hence the need for a good entry to safe in profits and make a trade into "fire & forget".