Current scalping status:
Shorting the USD/JPY at 109.5-109.1, short term target is 108.890. Weekly short target at 108.6 range. Close position if the market sustains a breach of 109.200
Buying the USD/JPY at 108.8, short term target a 109.03-109.01. Weekly long reload at 108.6 range. Close position if the market sustains a range below 108.6 without rebounding.
I will modify TP & SL as needed based on chart movements.
The profit for the day is minimal, and will likely continue to do so until at least Tuesday. I'm currently buying whole lots for my scalps; risk factor is large, but very well within predictable range given the clear bullish bias of the USD/JPY and a lack of major events on both the dollar and the yen. I've recently closed a long (bought at 108.9) at 109.25 for about $120 in profit.
The only question that remains is whether the upcoming European manufacturing PMIs (Euro) will affect the USD/JPY in favor of the dollar. It's possible, but not guaranteed. We're also due for some FOMC members to speak on Tuesday along with several other USD movements, so we might be able to get in a small long those hours.
Wednesday will be the first do-or-die moment for the USD/JPY bulls, but the first main event (home sales) are expected to be lower than the previous update. I might scalp the event after it occurs, but definitely not before. I'm going to ride the geppy (GBP/JPY) for a while; it's similar to the USD/JPY, but offers more volatility. Thankfully, it's moving in a predictable manner so far.
And a warning to all new traders to the USD/JPY: Yes, the market is bullish, but it's possible to get a major retracement all the way down to 107.4/107.5 mark before charging up to the much anticipated 110. Don't buy too much and overextend your leverage.
I'm sure most of you know this, but....whatever. I've nothing to do this day except sit and wait, so I might as type something. Blegh.
Shorting the USD/JPY at 109.5-109.1, short term target is 108.890. Weekly short target at 108.6 range. Close position if the market sustains a breach of 109.200
Buying the USD/JPY at 108.8, short term target a 109.03-109.01. Weekly long reload at 108.6 range. Close position if the market sustains a range below 108.6 without rebounding.
I will modify TP & SL as needed based on chart movements.
The profit for the day is minimal, and will likely continue to do so until at least Tuesday. I'm currently buying whole lots for my scalps; risk factor is large, but very well within predictable range given the clear bullish bias of the USD/JPY and a lack of major events on both the dollar and the yen. I've recently closed a long (bought at 108.9) at 109.25 for about $120 in profit.
The only question that remains is whether the upcoming European manufacturing PMIs (Euro) will affect the USD/JPY in favor of the dollar. It's possible, but not guaranteed. We're also due for some FOMC members to speak on Tuesday along with several other USD movements, so we might be able to get in a small long those hours.
Wednesday will be the first do-or-die moment for the USD/JPY bulls, but the first main event (home sales) are expected to be lower than the previous update. I might scalp the event after it occurs, but definitely not before. I'm going to ride the geppy (GBP/JPY) for a while; it's similar to the USD/JPY, but offers more volatility. Thankfully, it's moving in a predictable manner so far.
And a warning to all new traders to the USD/JPY: Yes, the market is bullish, but it's possible to get a major retracement all the way down to 107.4/107.5 mark before charging up to the much anticipated 110. Don't buy too much and overextend your leverage.
I'm sure most of you know this, but....whatever. I've nothing to do this day except sit and wait, so I might as type something. Blegh.
