USD/JPY Discussion

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Given USDJPY's strong positive correlation to US bond yields, today's US ISM manufacturing figures, and the NFP report on Friday, could play a key role in how the pair interacts with the major psychological level of 140.

Following Chair Powell's hawkish speech at Jackson Hole, and the Fed's data-driven approach to monetary policy, strong US economic data could fuel a breakout beyond this level as markets price-in a greater likelihood for another 75bps rate hike at the September FOMC Meeting. However, weaker-than-expected results may spark a pullback in USD and help the Yen pare some its losses.

All trading carries risk, but it will be interesting to see how this develops heading into the end of the trading week.

Hey Patience, that's a good spread right there. Do you mind if I ask which broker you use?

Thank you!

i will scale in more long positions after daily closes above 140 tomorrow, maybe even after the NFP report, if it is strong

my ideal bullish target is 143.4, but there could be pull-backs

japan is soo fucked up , its a shame

Me 2. Long target hit to the tick almost.
Ignore the indi. I was doing some experimentation.

It looks like we'll see more bullish trend with the yen. Is anybody long?

A few. Non Farm report is on deck though.. so I am waiting on that. Approaching a report on highs usually doesn't bode well...

I've have opened short position at 140.33. We'll see. My first target at 139.30.

I am bearish and will remain so until 9/15. (remember the last 10 day retracement?) Then bullish to 147.

IMO If we break the green box though? OOOHHH mama!

trap set 140.55 sl open for now

I am still bearish but waiting. My test trade blew. Looking at my chart I show yet another leg up coming before this gets sold. Perhaps they will take the hint from Tuesday's news. Done buying for now though. Will sell EJ until UJ catches up.

USDJPY price action on the daily time frame is bullish but presently experiencing a bearish pushback as it navigates above the 138.500/139.280 multi-year horizontal resistance zone (purple) seen on the monthly time frame. We may see a bearish corrective move in the early part of this week, but the technical structure is still bullish.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

I'm short from 141.78. Does anybody believe in the possibility of a BoJ intervention?

I believe that at some point they just have to intervene.

Japan is one of the biggest natural gas importer. I think the image i attached is outdated i believe they are second place now, but iam not sure.
So, because of the rising natural gas prices and the fact that its traded in $ they can not stand by with bearing the yen decline.

Japan's trade balance is already going through the roof (in a negative way). Just think about this for a moment and think this through, what could possibly be the outcome if they don't intervene?

But than again, ofc you'll never know....

I've closed my short almost BE. I'll look for a new entry above 142.

Buy UJ go 145