Get yourself a good book if you’re waiting for a dip in this pair as it’s becoming a jump in or miss out trade right now.
We’re up through 113.50 and a reported barrier (obviously made of paper) and we’ve hit further stops to 113.73. More barriers are being reported at 114 and 114.50. After that the next target will be the Dec 2007 high at 114.65.
It’s often hard to sit out and watch a big move happening right in front of you but it’s nothing more than gambling to shut your eyes and just jump in. While you’re reading that book keep an eye on 113 to hold if we get a test as that is probably your best spot for a dip. Even then I’d look to keep it fairly tight though, with a stop just under 112.50 or 112.00 if you want to stretch it that far.
This is not a chart I want to just close my eyes and buy into.
USD/JPY Daily chart 03 11 2014
