When you âgo longâ you are simply placing a buy order on a currency pair.
In forex trading all currency pairs have a base currency and a quote currency. The quote will usually look something like this: USD/JPY = 100.00. The USD is the base currency and the JPY is the quote currency. This quote shows a rate of $1 US Dollar being equal to 100 Japanese Yen. When you place a long trade on this currency pair, you are going long on the USD Dollar and simultaneously going short on the Japanese Yen.
It sounds complicated, but you would make this trade if you believed that $1 was going to become more valuable than 100.00 Japanese Yen(i.e. $1 = 101.00JPY)