USD/JPY pair swung down and took out my stop. I have not re-entered a long since I see this pair is a bit flat. I hope Jim is still in his trade and by rights he should be since it has not really moved anywhere since the bounce back after the spike low.
Monday, December 15, 2008
USD/JPY: Still hovering around 91
USD/JPY pair swung down and took out my stop. I have not re-entered a long since I see this pair is a bit flat. I hope Jim is still in his trade and by rights he should be since it has not really moved anywhere since the bounce back after the spike low.
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i actually got out of this shortly after i got in. i went long at 90.82 and sold at 91.17... i think the USD/JPY has more downward momentum right now, but that could change with the OPEC release. I think OPEC production cuts should negatively effect JPY more than USD?
ReplyDeletei'm focusing on my open trades shorting the USD/CAD right now, so far at 172 pip profit combined. i set a really high stop so hopefully everything will turn out good, i'm going to monitor it and set a stop profit when it goes down more.
You may want to lower your stop to at least negate any losses if the USD happens to swing up on you. The Rate decision is due tomorrow and the cut is expected. Although not much room to move, this could lower the USD (it is already) interest rate to less than one making it almost free money to borrow. That might bring a new step in it's climb back up since many big players will borrow USD to buy TRY or NZD and hold carry trades for interest spreads. That has been one big reason the yen is so strong right now. This may also happen to the USD.
ReplyDeleteAnother thought on that could help explain why the USD/JPY isn't really moving anywhere - certainly not like the others I trade
ReplyDeleteI didn't consider the rate cut giving USD a big bounce. Maybe i should have cashed in; the pair has since moved back up to the point i went long at.
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