USDJPY is retesting the support once again, will you wait or will you enter?

USDJPY is retesting the support once again, will you wait or will you enter?

Very risky to make moves before a big news release such as the NFP!

The 119.00 is a good resistance so far on the USDJPY.

So after the NFP announcement where USDJPY Breaks Out (09/02/2015 USDJPY Breaks Out after NFP | AtoZ) what you would do? Wait or enter?

Focus on what you will do. Sounds like you do not have a strategy and are fishing around so you can guess which one to follow. Could be wrong about it, but comes across that way.

You really need alternative strategies in place.
Something like…
IF price falls below xxx THEN I will do this…
IF price rises above zzz THEN I will do that…

Or you can wait until the first spike ends and price begins returning back to a more ‘normal’ level and enter on the return

Basically, I wanted people to start sharing their opinion about the USDJPY pair, hence increase the knowledge of various members. My trading strategy is truly not definitely 100% perfect, however I find reassuring when talking with you guys. For today, I predict that there will be a strong rally to the 119 level again, or a possible breakout in the 118.5 level. For the rest of the week there a no high impacting fundamental news, so i will resort to technical analysis mainly.

I am a medium to long term trend following arbitrager on acid. I use DMT and MDMA, I look for LSD and THC. I got long on 2/6 at 118.906 with the break of a ten day high. This was the first of such breaks since December 8th. My initial stop is 117.002 (just below the 2/5 low). My position size is such that I am risking about 87 basis points on this trade. My psilocybin told me to put on that amount of risk. Today it broke another new 10-day high, in fact a new 4-week high, so I am sitting long but I have not moved my stop and I won’t until the 10-day low goes higher than my stop.

We could be in for a period like that of Feb - Aug of last year wherein there was nothing but choppity chop. If we see that, I will get back out and stay out until a break of a 10-week price range away from the 200-day moving average.

May you find your trading rejuvenating and may you find self-realization.

I think we see 120 soon.

With the many news planned for this week, it is going to be diffcult to trade, since the pair is quite neutral. Even so, I do expect the pair to go south after it consolidated at 118.75, aiming at 117.8 support

Good support for the USDJPY around 118.45, but a visit to the 118.00 level is possible.