DislikedSo on to more mundane matters, Sinner was a little bullish on the US/Jpy this morning. In light of your comments you are bearish. Reckon this market will pop over 90 tonight or sink?Ignored
Sinner is working on some newer mechanical trading systems that he has been developing and they will often present him with countertrend opportunities within the larger trend.
My opinion is that the U/J is in a very clear cut down trend and that the 91.50-92.00 area marks the absolute top of this range.
Unless we see a sustained hold above that level I am inclined to hold a bearish view. If we see a break of 90, because of the psycholigical significance of that round number meaning there is a high likelihood that larger institutional investors will have big clusters of buy and sell orders in that area, there should be at least a half decent run on to the 90.50 or even 91.00 level due to the force of the move that would be required to break up through the 90 area.
That is a very much a strategic/ simplified viewpoint because explaining the any reasons that I hold this view would take too much time and space on the thread I use both a fundamental view and a technical view to guide me in my trading so there is a myriad of different factors that are causing my opinion to be where it is at present.
Ichimoku is telling us the same thing. All the longer TFs are saying we're heading down across a number of pairs and the U/J is one in the best position for a sell.
The next major price targets are 87.00 and then 80-81.00 region. I am not of the opinion that we will see these hit in the next few days as the U/J moves are not that violent however I think we will find outselves there within the next few weeks and certainly before the end of Oct should 3rd qtr earnings results disappoint in the US which they are looking more likely to do.
Is the U/J the pair that you trade most regularly?
Cheers.