USD/JPY Discussion

I see the USD is testing the 2017 highs at the moment; and the USD/JPY price action has not been able to break the mid February high, & has been forming an ascending triangle since mid March.

Looking closely at which direction it breaks as I believe it will be a big move (I still favour a break lower)...

It is looking more like msniper is correct & 112.5xx is the target price, & have been stopped out of small position flipped long and will load up when/if the ascending triangle plays out.

Thanks for your point of view msniper.

something beautiful is brewing in USDJPY. Will break soon, up or down, coming to a cusp! I would say wait for it to show it's hand.


Actually, I already entered my favorite time frame, M1, Short.

If its reverses and wanna go up, I close for little profit or break-even and do SAR(Stop and reverse), flow with the mother; the market!

The UJ anthology,

The Mother says, SAR my son! And I did.

Break-even +commissions on first Sell Entry. Actually, the sell trade was arrogant, but I saw there was room to move at least for a break-even. This is looking in all form to want to breakout bullish! but, no one can predict the market.

I entered long,

M1 Long, Break-even +commissions+small_gain, again! And SAR; Short. I know what you are thinking. Look my style is a trigger happy day trader! I do this SARs and Break-evens till the market picks a direction. As far as I do not eat through 2 Full size loss. 1 Full size loss is that dollar amount you are willing to risk per trade idea.

As far as a trade premise is still there at a key trade zone. I will SAR + Breakevens till market picks a true direction. I do not have problem with that. When it does, I EP1.TP for defensive trading(My motto is Ō-yoroi, Japanese for "Great Armor/Defense"). that has been achieved, now I have a risk free trade on EP2.

Here is screenshot. Still evasive mother, anything can happen!



I think the idea is clear. no need to post updates anymore. You can join my mad SAR dance or wait for a clearer direction on Higher Time Frame. It's all up to how you see the market. I love this SAR + Breakeven dancing, it is beautiful, It teaches me ideal points to enter market that will move in you intended direction at least for a while due to supply/demand imbalance, through repetation. I used to FEAR M1 time frame as random noise . Now I feel at home via repeated SARs and supply/demand balance reading, very liberating. Bye. Green pips.

This should shake things up. If we hit 112 overnight, good chance she craters on the news. Otherwise panic drop, with eh, not so bad recovery imo

Looks like 'read it and weep time' for USD/JPY; it has apparently just failed the ascending triangle pattern, & so the darker harmonic chart pattern displayed on the chart below may well playing out; or maybe this is just a fake-out & price springs higher from here (news driven)....

Bulkowski's http://thepatternsite.com/ states that price can breakout of an ascending triangle in any direction, and these breakout/s may well whipsaw a couple or several times.

2 Hr chart below for anyone interested:

Looking good long to 109.4 at least. We shall see. The gap points short with a bull trap. be careful. wait for confirmation.



Edit: If not. Short to 105.6? We still haven't truly retested that 112 area. So a possible W could be in the works. Stimulus, Corona numbers. Economic news. All could see saw this chart bottom to top in 5 to 7 weeks again.

Maybe he saw this....

Looks like a change in price action around here! 4 hr chart below

took a Long position at 107.879
tp: 108.09
sl: minutes later....

take your own risk

That boy hitte my Tp
Cheers

USDJPY M15
target 109.065

update:

stopped out

target 109.07

How low do you think this will go?

My system generated a sell signal

I think USDJPY will break below 107.. we should see 106.90

Looks like price action may well pop a bit higher before resuming downtrend.

4 Hr Chart: