USD/JPY Discussion

Here's a near completion of a 5 wave sequence on BCHUSD H4 but would you trust its correction?

My H4 EW count (off of the CME's BRTI Index, don't have live cash data yet) shows only wave 3 of 5 of a higher wave 5 completed so far.

Not sure what you mean by trust? But I would be looking to pin down the completion of upcoming correction for a spot to go long.

Can't wait for CME to get approval for their bitcoin futures contract expected to start trading next month. Oh boiiiiiyh

No different to me. Sometimes they work, sometimes they don't.

Tell you one thing though I don't even bother looking for down candlestick or other reversal patterns with this runaway freight train.

USD/JPY is looking firmer on the H4 chart. It's still under pressure on the daily.

Do we have bulls in the thread today? uj and gj went up nicely today ej being the reletave strength loser. that should continue for a while. I think all we get is a 38.2 fib on the pull back. when the top comes off hold on.

This is probably the proper way to draw this section out.

Looks like U/J has support from 111.3X. Seems like a good time to scale in long. Targeting 112.xx.

111.069 still CB Line in the sand.

looking to sell at 112.24 today...

The broader directional bias of uj is southward but scalpers and impatient intra day traders have been jumping on, and trading, the retracement.

Trade safe and prosper.

KP

those bastards...

If in the last 8 years of the US Equity Bull, and the last 3.5 years of the USD Bull, people haven't learned that trading with (and in the direction of Central Banks policy tools) is the smart move, I have to question what they've been doing.

SNB has been Relentlessly selling Francs for USD to weaken Franc, and using that fresh currency to purchase US stocks for years...

BoJ has been Relentlessly selling JPY for USD attempting to devalue JPY targeting 117 with a floor around 111 for years...

When the set-ups reach CB line in the sand, the smart move is to BTFD... proven over and over again.

Stocks or DXY... Trade against it at your own peril...

Between GDP data today and the usual US equity open ramp, it's possible we see 112.5xx today.

For this whole year the two of them have been trading against themselves. Dollar set a 14 year high and its has been all downhill since.

Swissie has been locked in a range for years with just about every major.

BOJ is targeting certain numbers for years yet somehow the ranges until this year have been far greater?

IMO the far smarter move is to trade the chart. Ignore the noise. But to each their own.

good day traders, it looks like the shark is in play, good luck.

10:55= 111.88 soon approaching a selling top.
it will complete an X wave and move lower for MANY days . imho.

Stay green

Short 111.90, aiming for 111.5 initially

Why is there so little movement during major news releases lately? GDP releases used to get 100s of pips in movement...

Estimate was 3.3%, actual report was .... 3.3%

long $/jpy 111.88 target 113.00

USD/JPY is getting better support, the Q3 GDP growth was revised higher to 3.3% annualized, up from 3.0% annualized and beat expectation of 3.2% annualized.