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USD/JPY Discussion

  • #76,241
  • May 4, 2018 7:37am May 4, 2018 7:37am
Left off support/resistance levels on previous chart (bold are more important) current one losing the bull battle as I had thought:
Attached Image (click to enlarge)
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  • #76,242
  • May 4, 2018 7:40am May 4, 2018 7:40am
Quoting Luzbay
If UJ falls to 108.75 after NFP, I'll take a long and ride it as long as the market allows.
Bingo....?

Time will tell.
  • #76,243
  • May 4, 2018 7:44am May 4, 2018 7:44am
108.3 looks good for long... for new high or double top? May be 110.2 will take hit from this point?
Forcemeat can not be unrolled back...
  • #76,244
  • May 4, 2018 7:49am May 4, 2018 7:49am
103.XX, Anyone?
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  • #76,245
  • May 4, 2018 7:50am May 4, 2018 7:50am
Quoting catroot
108.3 looks good for long... for new high or double top? May be 110.2 will take hit from this point?
If we do move north from here*, I think 110 is the minimum we can expect.

I think it has potential to get to 111.80 without hitting too much of a snag.

* big if
  • #76,246
  • May 4, 2018 7:54am May 4, 2018 7:54am
Personally, I think it's going to take a lot more than just slightly weaker than anticipated data to change the current uptrend, which has been very strong.

I think we are currently in the corrective cycle and wouldn't be surprised if this session's low (108.65ish) is the last point of the pullback.
  • #76,247
  • May 4, 2018 7:57am May 4, 2018 7:57am
Quoting Luzbay
{quote} If we do move north from here*, I think 110 is the minimum we can expect. I think it has potential to get to 111.80 without hitting too much of a snag. * big if
I prefer to see 113 or 114... IF the market will ))
Forcemeat can not be unrolled back...
  • #76,248
  • May 4, 2018 7:57am May 4, 2018 7:57am
Quoting catroot
{quote} I prefer to see 113 or 114... IF the market will ))
I like your style...
  • #76,249
  • May 4, 2018 8:06am May 4, 2018 8:06am
Additionally, JPY is getting hammered across the board today.
  • #76,250
  • May 4, 2018 8:36am May 4, 2018 8:36am
Reversed off (missing by 1 pip) my next lower major support level.
  • #76,251
  • May 4, 2018 8:39am May 4, 2018 8:39am
doesn't look like bears in control today

it only dipped lower on the NFP report and then retraced the loss
Don't Worry Be Happy
  • #76,252
  • May 4, 2018 8:43am May 4, 2018 8:43am
i love how a bad NFP report results in a bullish USD, make no sense to me

stocks seem to like the NFP report, S&P moving up
Attached Image (click to enlarge)
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Don't Worry Be Happy
  • #76,253
  • May 4, 2018 8:46am May 4, 2018 8:46am
Hammer- followed by possible engulfing candle, within the next 15 mins. Add in the volume accumulation. wowza

Textbook anyone?
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY93.jpg Size: 251 KB
Learn, a forex trader must, unlearn and relearn he will.
  • #76,254
  • May 4, 2018 8:46am May 4, 2018 8:46am
Quoting MrPresident
i love how a bad NFP report results in a bullish USD, make no sense to me
For me, this article that I posted on one of the EURUSD pages explains it, but it appears that it's open to interpretation.

https://uk.reuters.com/article/uk-us...-idUKKBN1I508D

I've screenshot the important bit (from my perspective).
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  • #76,255
  • May 4, 2018 8:50am May 4, 2018 8:50am
Quoting Luzbay
{quote} For me, this article that I posted on one of the EURUSD pages explains it, but it appears that it's open to interpretation. https://uk.reuters.com/article/uk-us...-idUKKBN1I508D I've screenshot the important bit (from my perspective). {image}
so, the market was paranoid about rising inflation then?
Don't Worry Be Happy
  • #76,256
  • May 4, 2018 8:52am May 4, 2018 8:52am
Quoting MrPresident
{quote} so, the market was paranoid about rising inflation then?

For the past month inflation has flatlined, this results in a stronger USD, as we have seen since late march. Less chance of rate hikes.
Learn, a forex trader must, unlearn and relearn he will.
  • #76,257
  • May 4, 2018 8:52am May 4, 2018 8:52am
Quoting MrPresident
{quote} so, the market was paranoid about rising inflation then?
That's my guess.

I think 'the market' and the Fed could have done with a pause in the break neck growth that they've had, which means they don't have to force any rate hikes in that they didn't really want to.

The market doesn't like surprises and it won't get any from the Fed, based on this news (possibly also the reason the equity markets have welcomed the stats).

Just my opinion, of course, but I think it does go some way to explain the reaction to the news.

Still, a broken clock is still right twice a day.
  • #76,258
  • May 4, 2018 8:57am May 4, 2018 8:57am
Quoting SunTrader
Left off support/resistance levels on previous chart (bold are more important) current one losing the bull battle as I had thought: {image}
SunTrader, do you make that chart by hand, or programmatically?
  • #76,259
  • May 4, 2018 8:58am May 4, 2018 8:58am
May the fourth be with you Yoda (COGS)!
  • #76,260
  • May 4, 2018 9:09am May 4, 2018 9:09am
HTF of course
Attached Image (click to enlarge)
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Learn, a forex trader must, unlearn and relearn he will.
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