USD/JPY: Entry Price - Long @ 92.53

USD/JPY: Entry Price - Long @ 92.53

The yen has gained a great deal in last months. This is presenting good trading opportunities for patient traders. Several Yen pairs have made new lows in recent times and may pose a bit of risk to some trades. As always use protective stops.

USD/JPY - The USD strength recently has extended to all pairs across the board but have not extended to the Yen. This is a bit perplexing to some. It's likely caused from big money traders borrowing Yen to buy other higher yielding currencies such as Euro or Pound. have a look at this chart for USD/JPY It is a one hour chart showing 1000 candles - As you can see the USD has lost against the Yen. Not unlike other currencies the USD has created a new low area of support but has yet to revisit it. This may present a good long opportunity should it revisit the recent lows near the 90-91 area. It's not far from that area now so risk is the most recent low.

Strategy for this pair is to buy near the low (I went long USD at 92.53 with protective stop placed at 88.00)

If USD is to regain strength I want to be close to the lowest low for maximum profits. Should it smash through support of 90.88 I will accept the loss and look for another long.