USD/JPY: Loss taken on short position, time to look for intraday swings
The patient and alert trader had some very nice chances yesterday to pick up decent intraday swings and with volatility still high, I am better off looking for these kinds of opportunities than trying to pick exact directions. The market is long and bullish but there seems to be enough demand to continue to fuel the up-move. On the other hand, there will be plenty of sharp pull-backs given the overbought state of the market. So, like yesterday, sell any silly intraday spikes looking for a quick 100 pip dip or buy any big dips in line with the dominant bull trend.
I cut my short position last night for a significant 170 pip loss, albeit on a very small core position. No major damage done except to my ego.
Good luck today and TGIF.