Is there people like me … . just waiting for the BOJ to show up ? 
and my signals telling me usd/jpy is way sold-out… so… im still hoping it will to reach the 80.00 (SOMEDAY :/…lol ) but still it just hit the resistance at
77.231…
i have a long position +50,000 which i bought at 76.7752 , so right now im losing only like US$108. vie been holding it for like 4 days now…
hi, just my 2 cents
it looks like this currency pair is still going down.
but the BOJ might intervene. i have been staying away from this pair for quite awhile.
I have also been staying away from the JPY pairs as the BOJ intervention would blow any analysis out of the water.
I think you are still good as long as it the past candles don’t break the your bottom resistance just above your stop. Looking forward from this position I am not sure if you hit your stop, but if not you are pretty happy with USD/JPY ranging higher now.
Yes, to my mind we have had a pretty emphatic rejection of 76.00, so a Stop below that level should be comparitively safe. But as others have said, I am not trading this Pair at the moment - I like smooth, predictable movements to trade, and what we have currently is too much indecision. The BoJ is likely to intervene if speculators try to push Price lower, but as the speculators know that, they are sitting on their hands, to an extent, too. So while I think that this Pair is oversold, and that the 76.00 level will be protected, so we are quite likely to see some upside at some point, Price could just stay stalled around the current level for the short term. So a trade placed now could just tie up account funds, leave the account exposed to a potential loss, while not moving decisively into profit. Depends, of course, on how much of a profit you are targeting, but to my way of thinking there are easier ways to make pips right now. This Pair has been paying out nicely through the prolongued downtrend we had, I am now staying out until the current indecision is resolved.
Just my thoughts, good luck with the trade.
ST
I have also traded the downtrend of the pair as well. There is a possibility of BoJ taking very little or no action like the Swiss. Indecision doesn’t help much along with the Euro Zone banks having trouble. In fact, I don’t think things are much better here in the U.S. with our massive deficit. To be quite honest, I am glad that Republican Politics has finally stood up to the debt ceiling. We should really take some lessons for our neighbors to the north in Canada with a currency close in value to the U.S. and yet their economy is about 1/14 of the ours.
Well that’s my soap box. I have been sitting out of the USD/JPY as well.
Cheers & Happy Trading
This is a “long” long, eventually. Regardless of intervention IMO. Just a matter of finding the floor.
