Whats going on with the USDJPY... anyone getting on board

[daytrader221]

So I heard the news last Friday that the Japanese Yen was at its lowest point to the dollar since 2008 and it got me interested to think that this currency pair must have hit its resistance level right now and open up a big trade. However my lack of experience has prevented me from doing so on a real account.

Can anyone that has decent trading experience share some opinions about where this thing could be headed?

 

[Martinghoul]

Up, it's headed up...

 

[Splitlink]

So I heard the news last Friday that the Japanese Yen was at its lowest point to the dollar since 2008 and it got me interested to think that this currency pair must have hit its resistance level right now and open up a big trade. However my lack of experience has prevented me from doing so on a real account.

Can anyone that has decent trading experience share some opinions about where this thing could be headed?

You might be interested in the COT Report thread. The latest post was at 0921 today to help you locate it more easily and, today, he mentions the yen.

I warn you, you have to be able to understand how to get this information and I have not been able to get to the bottom of it, myself. But it may be easier for brighter brethren! Go back to post 1 for the link.

If you are new I add the usual warning. Make sure that it is free information, although it has a "Best thread" title from T2W so I guess it is clean.