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USD/JPY Discussion

In at 114.

Might be a little bit early

If the overall market bounces off support this could be a good entry.
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"A true speculator tries the market small." - Jesse Livermore
https://www.fxstreet.com/news/outloo...b-202201200820

Quote
Next 1-3 weeks: “Our latest narrative was from Monday (17 Jan, spot at 114.30) where we held the view that the prospect for further USD weakness is not high. USD subsequently soared above our ‘strong resistance’ level of 114.75 (high of 115.05) before dropping back down quickly. The choppy price actions have resulted in a mixed outlook and USD could trade within a range of 113.70/115.25 for now.”

Bought at 114, stop loss under 113.7, take profit 115.5+
don't believe in mumbo jumbo from gurus
I bet we end up getting a cup and handle pattern on the daily chart here in the next month.

If we get that the PA could lead to 118 +
"A true speculator tries the market small." - Jesse Livermore
It looks like USDJPY-1min is slowly climbing back, could be very nice day !
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Not touching this until 113.50

Futures tanked at close and are still tanking.

Not gonna stand in the way of this sell-off
"A true speculator tries the market small." - Jesse Livermore
Bought 113.893 SL 113.798 TP 113.988
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Sold 113.798 SL 113.90 TP 113.702
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Just waiting to see if we hold support at NY open before I buy.
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"A true speculator tries the market small." - Jesse Livermore
Follow the yellow brick road.
113 bounce to 114.25
Then to 112. You think the recessionary trade is here? Not yet.
Jan 26 is FOMC day. If my numbers are right he will kick the can one last time to get us to 118-120
Mar 16 will be our first hike IMO.
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When you feel like you HAVE to trade is when you least should!
Starting to get divergence in price and rsi on all tf's and we're sitting on support.

I'm buying.

I think it's more likely we go to 117 from here and finish the handle to our cup and handle pattern on the daily.

Take a breather around 117 and get a final leg up to 118 +.
"A true speculator tries the market small." - Jesse Livermore
Quoting OBsayMkMoney
Follow the yellow brick road. 113 bounce to 114.25 Then to 112. You think the recessionary trade is here? Not yet. Jan 26 is FOMC day. If my numbers are right he will kick the can one last time to get us to 118-120 Mar 16 will be our first hike IMO. {image}
100% agreed with u and gr8 anyalise there we have a 23% retracement 1.1224 of weekly chart than we go for 118.00 apprecieted ur work
Bullish wedge on the 4 hour chart.
"A true speculator tries the market small." - Jesse Livermore
  • Post #84,433
  • Quote
  • Edited Jan 22, 2022 11:43am Jan 21, 2022 5:56pm | Edited Jan 22, 2022 11:43am
Like this level.

I'll hold this even if we drop to 112.50 on the downside which is unlikely.

We're only a little over 100 pips away from the November low.

So it's possible we'll retest the lows I just don't think it's gonna happen.

Overall market is oversold.

I think going into this week you see markets bounce a bit pushing UJ up and then mid week see UJ take off to retest 116.30 after fed minutes on Wed.
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"A true speculator tries the market small." - Jesse Livermore
Did you know: the previous week was a 3-Bar Reversal? this Month's candle is shaping up to be an awesome Key Reversal?

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Don't trade your heart, trade your chart!
4 Daily Signals All Time Return: 6.8%
entered the Long position at current level 113.6x. TP open
Short @113.82
TP @113.05
SL @ 114.25
Quoting OBsayMkMoney
Follow the yellow brick road. 113 bounce to 114.25 Then to 112. You think the recessionary trade is here? Not yet. Jan 26 is FOMC day. If my numbers are right he will kick the can one last time to get us to 118-120 Mar 16 will be our first hike IMO. {image}
4hr train tracks ahead IMO. We will range here until the announcement. Perhaps that will give us a parabolic to close out the shorts.
When you feel like you HAVE to trade is when you least should!
40 pip range.

I'm buying at the low end around 113.58 because there's more potential for upside surprise.

With this kind of volatility in the market probably trade options.
"A true speculator tries the market small." - Jesse Livermore
I’m short currently target 112.55
Sold at 113.976 SL 114.156 TP 113.796
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