Price bounced back up from the 50MA on the daily. That's going to be beautiful support once the candle is closed. It's likely going to continue the uptrend.
{quote} I think if you are not already long from 128.80 (Double pin bars) you need to wait for a pullback... but it could continue higher in my view. {image}
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I'm expecting it to go beyond 132
Is that possible?
{quote} I'm expecting it to go beyond 132 Is that possible?
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Anything is possible, but we've had 4 months of straight gains for EUR/JPY and if USD/JPY take a tumble below 109 it could drag down E/J with it. I think the weekly chart looks a bit tired in this uptrend, so I am only looking to 130.50 initially.
{quote} Anything is possible, but we've had 4 months of straight gains for EUR/JPY and if USD/JPY take a tumble below 109 it could drag down E/J with it. I think the weekly chart looks a bit tired in this uptrend, so I am only looking to 130.50 initially.
{quote} Clearly I should have waited for UJ to retest 109/10920.
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Yeah, everything looks pretty jpy-bearish right now. Stock markets made a jump up to close the gaps and if USD/JPY close as a pin today, we could see further JPY decline tomorrow in a "risk-on" atmosphere. I am out of my Gold long position for the same reason.
{quote} Yeah, everything looks pretty jpy-bearish right now. Stock markets made a jump up to close the gaps and if USD/JPY close as a pin today, we could see further JPY decline tomorrow in a "risk-on" atmosphere. I am out of my Gold long position for the same reason.
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Not sure what to think of equities. Euro is clearly bullish with minor pullbacks on this trip to 120. Maybe now. UJ to me looks sickly despite the nice bounce today. Not convinced bottom is in.
It looks interesting at least. If the daily charts close like this, I will buy USD tomorrow. If this bounce in U/J is true, we could see a rapid ascend. I like the 50% fib support, I like the 109 handle and I like the 5x tests and lower weekly price range. I have been biased too many times in the past. So I just trade what I see, despite what my bias was yesterday. And the markets are saying the USD is good today.
Personally, im going long for this pair.
With this N.K. News going on, Jpy would suffer a little.
And there is a going to be a loss of confidence with the USD while more and more are jumping on the EUR.
Im hoping it will go above and beyond until 132
{quote} It looks interesting at least. If the daily charts close like this, I will buy USD tomorrow. If this bounce in U/J is true, we could see a rapid ascend. I like the 50% fib support, I like the 109 handle and I like the 5x tests and lower weekly price range. I have been biased too many times in the past. So I just trade what I see, despite what my bias was yesterday. And the markets are saying the USD is good today.
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You should be in a pretty good spot this morning with this plan, 110.80 area appears likely.
