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Forex Trade Ideas: Closed USDJPY Short at Loss

Forex Trade Ideas: Closed USDJPY Short at Loss

David Rodriguez, Head of Product

I got stopped out of my USDJPY short position as the pair closed above key highs, and soon I may look to get long once more.

Two days ago I wrote that I would close the short if we saw a daily close above ¥90.20, and indeed that's precisely what we saw.

It's always frustrating to see a position initially go in your direction only to reverse, but the decision to close the position seems correct in light of the fact that the pair has continued higher.

In my most recent piece I argue that USDJPY weakness should be bought--but only subject to good reward/risk.

As always I'll update my thoughts on the position via the Real Time News feed.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up to David’s e-mail distribution list via this link.

Contact David via Twitter at http://www.twitter.com/DRodriguezFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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