15 January 2013

USD/JPY : Enough, For Now. Disengage.

  • Economics Minister Akira Amari : "excessive Yen weakness could have a negative impact on people's livelihoods through rises in prices of imports" and "corrected to a level in line with fundamentals".
  • Plunge from 89.62 to 88.63 following comments.
  • Weekly chart : Almost vertical sharp rise in a very short space of time. Perhaps it's wise to stay out for now and adopt "watchful waiting" as the doctors say.
  • Trade : My trailing stop at 88.96 has been taken out. All SQ now. This trade has made me more than 8 big figures in  5 weeks. Easy money over. Let go.
  • Would like to see some kind of consolidation pattern formed before considering re-entering long. As it looks now, stop losses have to be set based on gut feel, which is not ideal.

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