FXWW News/USD/JPY

USD/JPY: Still bearish but cover shorts ahead of BOJ

I’m still short of USD/JPY and with the really big players selling in recent days, I’m in no big hurry to cover. However, we should see some volatility today with plenty of risk events on the economic calendar and buying any decent intraday dips towards 95.50 makes good trading sense. There is technical support starting at 95.00 which will attract more macro profit takers.

Trend is still bearish, so selling rallies the preferred strategy, but wide 95.25/97.75 range trading is certainly possible.

  1. hey Sean, i was wondering do you think 97- 97.3 is a good a enough position to go in short if and when usd/jpy gets there (as im expecting), or should i just wait for a deeper move south to buy, i expected the market to go south, but as fast as it happened, i hate it when i miss these chances!

  2. Patience Abdullah, best wait n see what it looks like when gets there. Like I said, 95/9775 on v outside so try and trade near edges and not get caught up in noise. If yoiu get strong intraday feel, then have a go with tight 20 pip stops or sthg like that??

  3. Thanks Sean, i will wait it out, im addicted to this pair, so usually im either trading usd/jpy or not trading much at all, but I know what ur saying is 100% correct. Todays a busy day as you said, so ill just see what happens from the sidelines for once and if anything Really good comes up…ill have to think about it twice before doing anything.

  4. I like the idea of a USD-JPY short covering rally to 97.05 minimum, around 97.50ish maybe tonight. So I have went long 96.37. Definitely counter-trend but us UJ bears like to short more at higher prices, so let’s bring her up ! 🙂 Of course might not make it up there and sell down to 95.90 or lower….. That’s forex.

  5. Is this monetary policy statement in a couple hours a big deal? It’ll probably move the market because this pair will take any excuse to move right now I’m sure.

    But BOJ is tomorrow correct?

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