Question about USD/JPY

[letsbully7]

I'm starting to get into forex and now trading on a demo account from FXDD (doesn't matter really, but mentioned it anyway).

I've been demo trading the USD/JPY based on mostly technicals and made a total of $602.04 since yesterday. I left one trade overnight just to see what would happen and when I got up I made a profit of $200+. Haha.
It was a with a $2500 account I believe, trading in 1 lot.

Time Realized Profit/Loss
01:51 - $302.04
03:35 - $-67.16
04:15 - $-58.73
05:17 - $417.54
19:44 - $8.35

Closed P/L: $602.04

I obviously still have a lot to learn. I'm currently going to Pip School.

Anyway, has anything happened (fundamentally) yesterday and today except this, or were these past few days just normal trading days?

"In currency trading in Tokyo, the U.S. dollar fell against the euro but gained against the yen."
http://biz.yahoo.com/ap/070416/asian_markets.html?.v=3

When I feel I'm comfortable enough to open a live account, I don't plan on trading news, hence my question. Probably extremely newbish at that, too.

Does anyone also have a link to a Forex specific news site? Thanks.

[techno791]

The yen is used a lot as a carrytrade. People short yen for daily interest.

Plus, I believe the G7 had a meeting last weekend, but I didn't read up on what happened.

I also enjoy Dailyfx for news. I've been trying to compile a list of sites off and on, but I get stumped trying to find anything new that's actually legimate so far.

Edited to add a link to a carry trade article. "famous" bloggers site. I guess it's just following the trend, but I wouldn't call it a golden egg. Unless I just haven't tried it right.

[wolf825]

To add to the great info Techno provided, just wanted to say Welcome and congrats on the gains in your Demo!! Learn to protect your account (demo or real--treat it the same) and bank your profits when you make them..

Goin to pip school you mentioned is a GREAT place to start and learn the basics....and feel free to come here with any questions or uncertainties you may have and we'll try to help clarify and show you the ropes--believe me when I say there is NO HURRY whatsoever to jump into a live account, until you have learned how the forex markets work and how to trade and when to trade (and when NOT to trade )... Spend your time learning--a lot of time...and trying out trades safely on demo and paper trades--and when you do open a live account you have a much better shot at succeeding then...

As said, The G7 speculations is the only thing affecting the Yen lately.. BOJ has been quiet in respect and its the USd/JPY is actually one of the tighter rangebound pairs at the moment given the U$D and YEN both being in a slump of sorts for both being weak right now, the $/Yen is just spinning its wheels waiting for something to give out. EUR/JPY however and some of the other Yen crosspairs have been smokin hot tho....

DailyFX is great for news as mentioned and has some very good analysts, FXStreet is another place...and if you do a search in this forum you can find several threads here on various Forex Resources and links you can use for trading tips, good books, FX news and reviews, technical analysis, econ reports calendars and so on...

Again, welcome to the Forum and glad to have you here and hope we will be able to help you grow into Forex trading...

-w