Daily EUR/JPY analysis

Lol you know my money is that its breaking 150 and going to 151. Unless a close was at 1.4840 then it would have went lower but that was just Yen trying to take over on Labor day while the dollor didnt have it by the neck

Did it get your attention?

Hello guys,

I wanted to go ahead and short the euro-yen pair at 150.50 on the back of repeated views from officials about a high rate of the pair. Do you have any views regarding the pair price action, actually I am looking for a technical part here since I never understand crosses but it seems that the pair is ranging , and touch the upper bollinger band on daily today, would this mean we should go to the mid band sooner? or you see a BREAKOUT of 147.75-150.75 range. Because I look at the band it looks like the zigzag its been making since a while. I also do not want to be trapped in a breakout. Any expert opinion here from both fundamental and technical side can help.

Please advise. It's all appreciated, as you will help my trade decision. I understand afterall that I trigger it with my own discretion.

If the trade fits your risk profile, take it. Set your stop at 151.05 and see where it takes you...

Thank you, that looks like a good stoploss.

I have been long since 149.17. not looking to lose steam.

I like the risk/reward on this trade. Go for it! Good luck

My opinion is to be very careful.
Dont believe what officials say, but believe in your system!

On the daily chart it pretty much broke out of its channel for now:
http://img507.imageshack.us/img507/3675/eurjpyrc2.gif

On the hourly it looks more like consolidation than a reversal:
http://img503.imageshack.us/img503/2259/eurjpy2pr6.gif

And last but not least, my EA is still holding on to its long postion.

Oh uh...It's heading towards a strong close today, and clearly above .40 mark.. feel this time It will crack .70,.80 well.. I stopped the trade.. thanks for the channel .. I really appreciate your assistance

Monday November 6

According to my analysis of the wave patterns, etc. and low risk / high reward trading strategy, it would be best to buy EUR/JPY at about 149.20 or to sell EUR/JPY at 153.00 if the opportunity presents itself.

Thank you, let's see which side we are going to crack first.

This is approaching range highs, and I believe all-time highs, at these levels. I was long until now and got out for 83 pips. I might short it when it hits psychotically high levels based on the fundamentals, but I will need a technical reason to do so. Otherwise I'll look for a safer trade. Tuesday London open is a good time to find a better trade than the last one. I'm still looking!

Becareful, the long breakout didn't meet its projection yet. Take out some profit on long trade but I wouldn't short this one just yet. This might be where we see a failed TD trendline break.

I'm short on it. Hoping to add to my shorts.

I know many types of TA are saying the pair will go higher but remember this pair has had a lot of attention ov er the last three months and the concern on how high it's gotten. Previously every time it gets over 150 some JPY official comes out with some hawkish comments to try and get it down. Yesterday there were hawkish comments i.e

"[BOJ FUKUI] said the [YEN] has been weak and its real effective value at its lowest level since the 1985 Plaza Accord. Under such accommodative financial conditions, if firms step up investment based on optimistic projections of growth expectations, costs of funds procurement and the currency outlook, that could lead to temporary upswings in the economy, followed by an excessive buildup of capital stocks that may be adjusted. "

"[BOJ FUKUI] said BOJ will "take action in advance, moderately, to avoid drastic reactions" and that the c/b "will adopt a forward-looking approach." "Waiting for inflation to build up in raising interest rates would cause sharp swings in the economy," Fukui made the remarks at a biz seminar in Tokyo. These are some of Fukui's most hawkish remarks recently on policy."

Also the EUR had some negative results this morning. Just some other things to consider with this pair. Until I see a close on the daily chart above 151 I still believe the pair will stay between 150-151 and would be copmfortable selling (I have already) above 150.50

It looks unmoved even though with a great JPY rebound. It might be the USD weakness, pushing EURUSD to highs and capping EURJPY as 2-way trade goes on EURUSD upwards and USDJPY downwards. when shall It drop?

This was a nice short from 150.50. Covered half at 150.25 and holding the rest just below entry price. Either way locked in 30 pips.

Anyone shorting yet?


Short 150.29
SL 150.58
TP 149.70

Congratulations to you
I stopped the trade so early though, fears of a breakout of 150...

i am still a newb but with my indicators it will be a good idea to wait till hits somewhere around 150.35-30 and go short and grab some good pips from there (i am testing sidus method ) ema18 & ema28 WMA 8 & WMA 5