FOREXEL

USDJPY - Watching ares of interest

FX:USDJPY   U.S. Dollar/Japanese Yen
57 0 9
Right now I am sitting this one out. Sure there have been a lot of action on this pair lately but I just dont trust it and I wont go long at this current price level. The reason for this is that price action tells me that once a more serious pullback kicks in it is fast and brutal. It is difficult to tell at what level the bulls will be exhausted but I will wait for that and see if 118 might such a level or if we get a good pullback before that and one can get in at a good price again

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