Remind me to lie down until the feeling goes away....
When I was trading at Citibank London, a colleague of mine and myself used to have a little saying when things were not going our way. It went like this.....
"Dave (or Greg), next time I try to do that, tell me to lie down until the feeling goes away"
I am close to taking a nap with the USDJPY.
The price today has scratched and clawed it's way higher off of a support trend line, then above moving average levels (see prior post) during the London morning session. Prior swing highs were also taken out including the high from yesterday (and highest level since April 28th). Finally, a key topside trend line at 109.71 area was broken and the pair should have taken off. It did - for about 20 minutes - but the price has since moved back below the 109.71 level. Disappointing!
If it breaks back above the 109.71 level, there is renewed hope. However, if it fails again, I will really lose trust in this pair. What do you all think?
