Hello and good day traders!
Previous trades were closed a couple of days ago for an overall gain. The Aud/Jpy and Usd/jpy were the two positions that refused to return a profit, which is more than ok considering our long Eur/Chf, Gbp/Chf and Usd/chf trades turned out so well.
This week Usd/jpy once again met all my parameters to go long and once again we seem to be bouncing around in a range testing and bouncing off resistance at 117,25. This trade has been bouncing around from negative -0.30% to +0.30%, negative, than back again. At this point I'll be happy if it just breaks even or better yet I can get out a few ticks up. Yeah I know this is how currency moves, but it's one thing to bounce around in a profit or loss and another to bounce around from loss to gain than back and forth.
In about 35 minutes, some economic data is being released for japan and with 2 of our 3 trade parameters still being met, hopefully this will give Usd/Jpy the push up we need until we get out in a couple days, when our exit parameters are met.
The data coming out is as follows.
:JPY Japan Buying Foreign Bonds (Yen) (JAN 30) previous ¥45.6B -medium importance
:JPY Japan Buying Foreign Stocks (Yen) (JAN 30) previous ¥382.1B -medium importance
:JPY Foreign Buying Japan Bonds (Yen) (JAN 30) previous ¥237.5B -low importance
:JPY Foreign Buying Japan Stocks (Yen) (JAN 30) previous ¥466.9B -low importance
About 1 hour and 40 minutes later the following is happening.
:JPY BOJ Iwata Gives Speech and Hold a Press Conference -low importance
...Will catch you on the other side, good luck!!
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