Anybody else seeing crazy swings right now on the charts? Just had a 200 pip move on USDJPY on the 5m.
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Yes. No idea what happened but I didn’t have any JPY positions or orders anyway, the Yen had got a little too bullish already.
Holy moly I had a long that went -200 pips. Recovered and only 20 pips down. Yikes.
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Yikes. You were maybe a little aggressive taking a long on JPY?
BoJ Gov Ueda spoke today - he sounded not so confident that rate rises up ahead could be ruled out - was vague enough to scare the crowded Yen trades
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Yup, I sure was.
Ya, that big drop was a bit of a surprise. I was gearing up to go long as well. Not sure why it was a surprise, nothing market related should surprise me anymore.
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Wait til tomorrow…Non-Farm Payroll day.
It was Pearl Harbor Day after all
Cheers for the heads up on this, it wasn’t on any of my economic calendars 
The Yen had been strengthening all day during the Tokyo and London sessions, but that 250 point spike at 2am JST looks crazy, kind of sorry I missed it 
I did get a short trade in earlier in the day at least.
On a personal level, I hope the Yen’s rise continues, but as a trader, I just like the movement in any direction.
EDIT: Though with GDP Growth numbers coming in lower than expected just now… we might see, at least in the short term, a bit of a swing back the other way. (Or not… I still suck at estimating how much some of these numbers actually move the needle)
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The moves looks like a knee jerk reaction to Ueda’s comments. Which was exacerbated by longs getting stopped out.
On USD/JPY, price bouncing off its daily 200 SMA.
If price can close higher than yesterday’s close, looks like a good long entry to target 147.00.
Yen is going crazy again. What’s driving this? What did I miss? Is it the Fed speech maybe?
I had no idea what was going to happen. But there was no way for me to get into the JPY pairs after last week’s event.
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Powell just commented about the risk of keeping rates too high too long.
Another cpl cpi’s on target and the chances of cutting increase.
Not a Yen move, it’s USD - check the Stock market for reaction.
Remember my two positions I had open short, basically at the bottom of trend right before all the monetary policy shift talk? Opened the first position at155.065 and the other at 154.96. I was down about 250 pips on each position by the time the peak EURJPY hit at 157.57.
I’m here to say I survived! So far realized loses of just $38. I reduced one position 2500 units to free up some margin causing the loss. I kept the other two open, and with the recent craziness, just closed them IN PROFIT.
So lucky.
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Oanda spreads on EURJPY just jumped to 15 pips for a bit.
Maybe I was too cautious in staying out of JPY pairs after the 07/12 drops across the board.
By coincidence this am I was sorting notes from the last trader conference I attended (pre-Covid!). A clear note was advice from one of the speakers on long bars - take the direction of the bar. And when I checked, 6 of the 7 leading JPY pairs have now closed lower than their 07/12 closes.
I think a sell order at the low of the 07/12 D1 bar would still do for my entry but my main issue would be placing the stop-loss. What do you think?
The low of that bar on the 7th was 153.19, not seen since July. With a 1000+ pip move since the peak at 164, theres was bound to be a retracement. A sell at the low on the 14th could of made you like 200 pips depending on the entry.
I’m looking at the daily on that day. The previous day was a lower close, so that would of been in line with a short in my mind, plus on wick.
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9 days since, how do you see it now?
Man, 250 pip drop since before Christmas. I would have thought going long. But that’s why I’m not a millionaire!
But today, that’s a tough call. Huge red candle a couple hours ago. Could still move lower to 155.40-50 or dump to 154.75. Or the recent bounce off the low on this uptrend I got drawn out is a reversal building.
I think we sit and wait a bit.