Usd/jpy

USD/JPY (according to my graphs) crossed the res1 recently. Does it mean the it will be support now and that it is good to go short. My indicators tells me short is good position but the movement is more or less not very strong. More likely it just stalled around these levels. What I read before usually when the price bounces twice down from the support level it leads to strong downtrend. Can anybody confirm/oppose my theory. Thank you in advance

either nobody is interested in the pair or nobody can be bothered to give his/her oppinion

Hi,

Can you post the graph that you're talking about because I don't see the USD/JPY crosses or breaks out the resistance rescently? I saw USD/JPY formed 1-2-3 M top pattern on hourly chart 2 days ago.

And I think if it is crossed (or broke out) the resistance, it's good to go long. However, it doesn't break out, then, it's good to short it.

Well, I'm interested in the pair but I don't think you'll like my vague assessment. There is a lot of uncertainty right now. The market is trying to decide how to react to all the news thrown at it recently.

Yesterday looked like the beginning of a reversal on all the dollar bullishness we saw last week.

Today we've gotten an indication of strength of the US economy from the AUG NET FOREIGN SECURITY PURCHASES: $116.8B V $56.5BE

We've gotten mixed messages from the US PPI data. This has increased the importance of what the Fed considers too much inflation and concerns about when/if changes are made to the interest rate.

Furthermore, JPY traders are nervous about the effect of nuke testing by N.Korea

My conclusion: look for a consensus to develop based either on Fed statements (today we have 2), or more news out of N.Korea. But keep in mind that we may likely spend the rest of the week with USD/JPY being stuck in a channel while the market looks for consensus.

SKW thanks a lot for your oppinion. Really I am feeling recenty like the market had gone crazy. Maybe I just happen to enter the live trading in a bad moment, but while in training everything was looking nice and steady and I was doing quite well, when I went live seems that all my trades are going against me which obviously mean something is wrong I am well confused and I was wondering if it was my bad decision, but now I think it is the moment or at least I hope so. If any seasonal trader somehow feels like giving some training/advices to me I am very eager the learn. The bad thing about all the systems I see is that I cannot comunicate live with the developers so to make myself the things clear. I also aknowledge I still lack solid knowledge and I am willing to work on that. In short if anybody feels like helping I am ready to go for it with all my heart.

My charting software shows Sup1 at 118.76 ... that's what I meant