USD/JPY is up 60 pips to 112.90 in early-week trading after rising as high as 112.99.
In a trade like USD/JPY, there are only two trades — long or on the sidelines.
The normal reaction in a move like the nearly 500-pip move in USD/JPY is to wait for a dip to buy but recognize that when a central bank does something extraordinary, it can be very difficult for a sizeable dip to appear.
In the first round of Abenomics, from Oct 2012 to Feb 2013 the pair climbed 1700 pips and there were no retracements over 200 pips (and only one above 150 pips). If you can get on board at a good level, hang on for dear life.
USDJPY daily chart
