Profit: $7.75 Total: $1,269.76
The Yen had a strong move to the upside today which may be because of the BoJ meeting on the 28th. Investors probably do not want to be long Yen in the case the BoJ adds more stimulus making the currency weaker. Although Governor Kuroda did sound less aggressive last week, anything can happen.
I tried longing the USD/JPY and continued to lose pips. I eventually gave up the trade and went for a short GBP/JPY once it broke it’s support. USD/JPY should be back on it’s rally if the BoJ continues their passive outlook. There’s a good chance the yen can range until the 28th or continue to gain strength as traders close their positions before the announcement.