USD/JPY, Going up Again?


I have a small question for the traders around here.

I just sold USD/JPY at 91.956. Now it’s going up so I am at -60 atm.
Would you all say the price would go more up or will go down again ?

Thanks in Advance,

Dangerous question.

You should have a stop loss in place to let you know if price didn’t go your way. What if I said it will go back down? Would you still hang in the trade even if it kept going up? At what point would you exit?

As for how I trade, USDJPY isn’t tradable right now.

Perhaps the sad thing about your question is that it reveals you have no plan. I dont trade this pair but had a quick look. You sold just above an H4 support. Ask yourself why did you do that and are the reasons you did it still valid. I have marked the key daily SR level at 93.82 which saw sellers take control. For a short with some degree of safety you would want a retest and failure somewhere close to that level. Looks a bit of a mess between these levels to me at the moment although the longer term trend has been down. In such circumstances you sell the retracement when your favoured set up occurs or you look for key activity at daily/weekly highs and lows. Good Luck

The pair has a clear downwards trend. The perspectives that the worst of the recession has not yet passed is tilting the balance towards the yen as a safe haven�

That is right, it does shows you are not an organized trader. This is the classical bad-decisions moment. You must have a plan to avoid this kind of spontaneous decisions that will only lead you to fail, study the market and the pairs and make your self and strategy; you�ll be on a safer ground then.

If you all didn’t see it already, Queen Cleopiptra made some comments regarding this thread on her blog:

Comments on today’s USD/JPY | Forex Blog: Chartology

Don’t be shy. Drop her comments! :smiley:

Just saw it, I had never visited the blog here, it�s great!
This specific post is very good since it shows a demonstration with currency pair, things are better seen with and actual trading situation.
Thanks for showing me the blog!