The $USDJPY has broken higher again in early trading as the week has begun, and speculators need to prepare for wicked volatility.
As of this writing, the USD/JPY is trading above the 123.000 juncture after producing another surge higher.
The move upwards this morning may have been fueled by word the Bank of Japan is going to start purchasing Japanese government bonds in an apparent effort to calm the USD/JPY. In the short term however, the news has seemingly spurred on additional pandemonium for the Japanese yen as it has crashed to new long term lows against the USD. The USD/JPY can move quickly on most days, but the near term appears set to create a high level of nervous trading for the Forex pair.
. Conservative leverage and adequate stop losses are essential for the USD/JPY under the present dangerous conditions. If the USD/JPY sustains its price above the 123.000 mark, traders may want to aim for the 123.250 and 123.500 levels next. For traders just entering the USD/JPY circus, strict price orders should be used to begin trading the Forex pair, otherwise it is likely the fill will not meet expectations if another sudden burst of volatility unfolds.During the calendar year of 2015 the USD/JPY did hit the 125.000 levels. These may seem ultra-high and these values may never be seen during this current trajectory, but it should point out that another leg up is not entirely out of the question.
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