Talk about missed opportunities! USD/JPY didn’t quite reach the 103.00 level that we were looking at last week so I decided to cancel my orders and wait for another opportunity.
Last week I mentioned that the main reason for my short USD/JPY bias is that the Fed’s tapering has caused risk aversion all over the markets. In addition, the BOJ isn’t exactly planning on another stimulus palooza that could have dragged the yen lower.
Well, last week’s catalysts became strong trends this week! Too bad that I didn’t catch any action. I was too set on waiting for the 103.00 major level that I didn’t consider entering at market when price had stalled at the 100 SMA near the mid-channel resistance. I could have caught at least 100 pips with a market entry! Boo.
Lesson learned! Next time I’m watching the 1-hour chart and there’s plenty of potential market movers, I probably shouldn’t be too picky.