USDJPY Trade on Jun 3, 2013 10:00 from omgwen3rds: Tradervue User Stock Trades.

USD/JPY
• Large demand seen ahead of 100.00 from Japanese importers and option players
• Sell stops huge beneath the 100 level
• Offers noted at 100.70, larger at 101.00
• Buy stops above 101.00 and around 101.30

ENTRY Short (USD/JPY)

Dali: Personally, I would not take the trade. 100.00 is a level everyone is watching currently and given the unclear sentiment right now, it is hard to predict if it will break or not. In my opinion, waiting for a clear reaction is the best strategy. So either it breaks beneath and takes out the stops or there is a strong rally. As you can see on the charts, rallies have been rather small and ran into good selling interest. This is not really a convincing sign and stops below 100 can certainly attract.

So, picking a bottom in USD/JPY is IMO going against the flow/sentiment and not advisable. If you prefer to buy it, wait at least for a decent reaction.

The above announcement came out. I proceeded to short USD/JPY as stops has been triggered

EXIT Short (USD/JPY)