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USD/JPY Discussion

This is kinda an interesting show me study that comes with Tradestation.

Just posting this for fun.
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"A true speculator tries the market small." - Jesse Livermore
Triple top btw.
"A true speculator tries the market small." - Jesse Livermore
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update

R has not been overcome
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I'd be very careful being long here.

Tomorrow could be a rough day.
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"A true speculator tries the market small." - Jesse Livermore
Work out a double bottom to 116.80
waiting for support, what will be....
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Hedged my shorts +1 and gave them a 116.9 sl.
Bulls are looking for that 120 again. I think the rug will get pulled out from under them, but let's see.
Price appears to be in a triple top on the Daily.
Tonight (In NY) will be the Thursday before FMOC rate decision. If history repeats we should start our move in the direction of the decision tonight. If today we don't clear Jan 4th and Feb 2nd Highs I will look to sell them tonight, or in my case drop my hedges and add a short.
Good luck
When you feel like you HAVE to trade is when you least should!
Bearish wedge lines up perfectly with 116.34.
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"A true speculator tries the market small." - Jesse Livermore
Also had divergence in price and rsi this morning.

Just missed that one.
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"A true speculator tries the market small." - Jesse Livermore
Ladies and gentlemen.. We could go all the way!!!
If there is no turn around tonight that is. US consumer sentiment in the morning, but unless they overreact to bad news looks like 120 may come in before the lows. Scary times.

Queue my parrot
When you feel like you HAVE to trade is when you least should!
Quoting ForexGoose
{quote} both are bullish {image} {image}
bullish, next target is 118.3
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don't believe in mumbo jumbo from gurus
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Learn, a forex trader must, unlearn and relearn he will.
I'll be looking for a buy after UJ pulls back from the top of the channel.

Looks pretty over bought at this point.
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"A true speculator tries the market small." - Jesse Livermore
Quoting Jgcole83
I'll be looking for a buy after UJ pulls back from the top of the channel. Looks pretty over bought at this point. {image}
I'm inclined to agree. This is the 3rd breakout since November, the last two failed under 2 weeks (Daily Chart). If UJ can hold 116.2xx, there may be more upside to 2015 highs.
Volatility does not equal risk.
As expected, the pair made a bullish breakout at 116.335. The level is very significant since the price had a rejection at this level twice. Thus, the price may make a bearish correction to justify the breakout. The buyers may wait for the price to produce a bullish reversal candle at the breakout level to go long in the pair again. The price may head towards the level of 119.000 if the level of 116.335 holds and produces a bullish reversal.
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Quoting Fibonacci.bd
As expected, the pair made a bullish breakout at 116.335. The level is very significant since the price had a rejection at this level twice. Thus, the price may make a bearish correction to justify the breakout. The buyers may wait for the price to produce a bullish reversal candle at the breakout level to go long in the pair again. The price may head towards the level of 119.000 if the level of 116.335 holds and produces a bullish reversal. {image}
116.35 is exactly where I'm looking for a buy.

Want to see prior resistance act as support.
"A true speculator tries the market small." - Jesse Livermore
So, everyone is bullish? Perfect time for wave 4 to appear.
When you feel like you HAVE to trade is when you least should!
Quoting OBsayMkMoney
So, everyone is bullish? Perfect time for wave 4 to appear.
This pair is so relentless. Took awhile but here we are arriving at the 118 area.
With interest rate decisions from the Fed and BOJ due this week, it'll be interesting to see whether this pair can hold/extend its breakout over the coming days, or if it pulls back towards the resistance around 116.35.

Expectations are for the Fed to hike by 25bps compared to the more aggressive 50bps that was being priced just a few weeks ago, so any sort of hawkish surprise coming out of the FOMC Meeting could boost USD further. However, with Japanese consumer expectations of inflation reaching the highest on record, there is scope for JPY to rally if the BOJ surprises markets by raising interest rates.

It's also important to keep in mind the impact the Ukraine-Russia war and the new spike in Chinese Covid cases may have on this pair given both currencies reputations' as safe-havens. All trading carries risk, so all of these factors need to be carefully monitored.
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