Pixie, have been entering and exiting trades on USDJPY and have been doing well pip wise. Note i havent been shorting rather going long on the USDJPY. I have a long term parcel on the USDJPY with an average of 81.22 with a target of 83.20. Have added to this parcel but have since reduced my exposure closing off a few positions and maintaining the long position.
Reason why i have only been buying USDJPY is due to the 15 Sept 2010.. have a look at that spike. This was the date where the govt of Japan announced selling of the Yen in order to halt/hinder its appreciation. In a matter of hours after this announcement, the USDJPY went from 82.80 to over 85.50.
It has been widely stated that a level of 83.00 Yen for 1 USD is a maintainable/sustainable level to not hurt the Japanese economy. IMO, anything under say the 82.50 level just to be safe COULD be considered for a (long) trade, as i believe the govt could step in again at any time should they see it necessary to intervene. Obviously another benefit with going long on the USDJPY is that we are pretty much sitting at 14 - 16 yr lows and has not been around this level since 1995.
Havent traded many others (EUR/JPY or GBP/JPY) for a while but use them as price/movement indicators.
Good luck with the remainder of your 7 months! Personally, i think you should stick at it for longer then 7 months (provided you are using a demo account to practise...right? :) ... there is a never ending mountain of knowledge to learn and will take longer then 12 months.. Good Luck again.
