Today has been an interesting day on the forex, no doubt about it. My earlier buy recommendation for the USD/JPY has underachieved. Thus far, it has yet to trade positive since entry. The stop out point of 111.49 has put up a good fight, but with no buyers entering above October’s low of 111.65 it has proved to be an uphill battle.

U.S. Liquidity Providers Are Going On Holiday Soon-Be Careful!

My scalping recommendation for the AUD/USD is still in play for today, but be sure to keep it safe with respect to leverage. With the FOMC on deck and the Thanksgiving holiday coming up tomorrow, we are primed to experience irrational price action.

Management Tips

If you are active in the USD/JPY long, the trade is still alive. With a stop out at 111.49, the long remains technically valid. While 111.50 is certainly a key number, it will be an uphill battle to hit the take profit during today’s session.

In the event that price returns to a break-even level, it may be a good idea to scratch the trade. Of course, if one is comfortable with holding a position into the holiday and FOMC minutes, then letting it ride is the play.

As always, trade smart and for tomorrow!