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What's the best USDJPY trade right now?

While we mess around with 107.00, what's the best way to trade it?

If you're long, you're holding your breath on whether 107 breaks or folds. If you're short up here you're worried whether it breaks. If you're not in a trade but want to, you're worried about potentially buying at the top or shorting into a break. Such is the nature of trading.

So what's the best way to play it?

Just going on the PA alone, a break looks more likely. The buyers just won't give up and something's got to give. They've got the momentum. This looks like cable at 1.25 the other day.

The simple way to play it is to stick a buy stop in at somewhere like 107.05 with a trailing 10-15 pip stop. If we get a break, the way it's building, it could be worth 20 pips or more.

That's what I've just done anyway. See you on the other side ;-)

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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