USDJPY plays ball in part one of my FOMC trade
In case you missed it, late in my shift yesterday I decided to go long USDJPY ahead, and possibly over, the FOMC. I jumped in at 113.00 and so far part one has worked out ok and I've got a 60 odd pip margin to play with.
What's next?
The next stage is the US CPI data at 12.30 GMT. It's going to help decide whether I stay in or get out. Ideally I want the main and core y/y number to rise. Any rise will be good enough to keep me in the trade and I'll probably carry on holding it if they are just unchanged. If they both fall then I might get out or move my stop to break even, I'll have to see what it all says before making that decision.
I'm going to be out at a meeting around that time so I'll be trading mobile. Not an ideal scenario so if you see a bald nutter running around London about 12.29 and waving his phone in the air trying to get an internet signal, you'll know who it is ;-)
If it all goes to plan and I get over the CPI report intact, I'll run it into the FOMC and see where we are in the minutes leading up to it before deciding the final exit plan.
