FYI. I should add that as it stands right now, the USD/JPY 30-minute and 60-minute time frames are both in uptrends and the 20 period SMA close (aggressive) setting is begin hit right now on the 30-min. The 15-minute which I highlighted in the update may be losing its uptrend, so be cautious if it goes into transition. The swing buy is valid, the question is now how deep with the intraday correction lower be.
Inclined to chase the USD/JPY? Don’t!
It’s tempting to chase a market that is accelerating – higher or lower – but from a trade and risk management perspective it’s best not to! The USD/JPY has gone parabolic in that the current price movement has accelerated to the point that the rally is more panic buying than an organized uptrend. Whether or not this is indicative of exhaustion as often a parabolic move will simply run out of steam and correct sharply lower is yet to be seen. Here’s how to handle these moves. The daily USD/JPY has maintained a strong uptrend and this can be easily seen in the consistent green GRaB candle and the “twelve to ... (full story)