My short USD/JPY trade didn’t look great on Friday night and it looks even worse now, well over 100 pips out of the money. Luckily I only took a very small position but adding at current levels near 113 is not really an attractive proposition nor is closing the position after what might have been a typical early-Asian market spike in illiquid Monday markets.
I’ve been wrong on this pair consistently in recent times so I will try and limit the damage on this latest trade and get out of the Yen-bears way.