You’ll probably want to hear from one of the more experienced traders on this forum. But lets first examine what we can probably expect from the USD/JPY in the coming sessions. Below is what was posted today in the Analyst Arena on this site…
[I]Dollar/yen consolidated sank to close on Friday at its lowest level in four months. This is the fourth consecutive week of losses and the selling pressure should continue this week as well.
Initial support is 117.60. Next level is 116.85 from a 50-point pivot that targets 116.35 and 117.35.
Immediate resistance is at 118.25 from a 50-point pivot that targets 117.75 and 118.75. Above 119.20, resistance is seen at 119.65 from a 50-point pivot that targets 119.15 and 120.15.
Oscillators are falling.
NEAR-TERM: Mixed
MEDIUM-TERM: Bearish
LONG-TERM: Bullish[/I]
And from my analysis of the Daily chart, I can find nothing to dispute this. Because the Stochastics are quickly approaching over sold conditions, I would expect the pair to fall some more, then slightly rebound, before continuing its course south.
You mentioned you entered around $119.93. Barring an asteroid striking Japan and sinking the entire country, I don’t see any technical indication this currency pair will be back up around $119.93 anytime in the near future.
Best course of action IMHO, is to take your loss now. Get out now, and save what remains of your account. Learn from this mistake. If your new to trading, I would seriously recommend NOT TRADING with real money for a while. Open a demo account, and learn a system. There are some nice, simple systems you can learn on this site. And then successfully apply the system, to your demo account for at least 3 months. The goal here is to grow your demo account first, prove you can do that.
Then, once your confident again, and have a working system, go back and trade with your live account. Thats the best advice I can give.
Good Luck!!!