This is why you should sell the YEN..... Lehman Brothers Predicts BOJ Rate Boost, Recommends Buying Yen
Your average cost is around 114.40, so were is your stop? you were down close to 100 pips during asia trading. When do you say your wrong?
Although I do not feel I owe you an answer on this, standby and I will take a look. Rest assured I will be visiting your journal for better tips on my trading acumen. DRT
I am not trying to be wise, I will point out why I would not be long USDJPY. First the head and shoulder tops neck line has been broken, it may bounce and it may not. I would look to short near 114.50-114.90. Thats what I would do with this pair. I would not be long.
Number One, there is an underlying change that everyone is overlooking. It is close to causing winds of change in the markets. Also my charts tell me that the BOJ will be complacent. It is not interest rates although there is a slight lead held by the lowly USD here. Currently the USD is up by at least 5 goals. Look in your Chinese crystal ball and forget about bombs landing in the Sea of Japan. Now to answer mini dude's question.... First lets look up... I see the 114.80 area as very key. I am waiting for this battle to be won by USD. Near term I am watching 114.16 area. Now looking down.... If we do push down, it is easy to see 112.80/20 area. Let call the stop at 112.69. Now for the target. Let's call the target area 120 first, then on to 140. I will not deviate from this post. In fact, I will update you regularly on my progress. Now, could you please share your current view of the market for USDJPY and post your guidance. DRT PS - I am short the EURUSD and Long USDCAD. You may find these in their respective threads. Feel free to analyze these trades also.
If we ever make up to this level, please post your exact entry and your stop. Also, very importantly post your target for the move down. DRT