USD/JPY Discussion

Short from 127.07. Looking for a new bottom. Perhaps the last bottom.

bears could be trapped

Final session before the market closes. Love the US - London overlapping one another. Lots of volatility.

I've closed my short with a +15 profit. Slow day for the yen. I prefer to rest. Enjoy the weekend.

This makes perfect sense. Which is why I am going to sell this level. Usually when it makes sense UJ bucks the consensus first. Plus... 126 dangit! lol Let's see. SL just out of range of hunters.

Oh, and bitcoin seems to be in correlation. Just ahead a bit.

US market is gone. Monday is Memorial day. The official kick off to summer. US traders are in the Hamptons already lol. Have a good weekend. Looking for those same traders to drive price into bargain zones before we pop the highs. Happy trading.

I coming back with a very strong analysis guys. Check-in with my youtube soon.

USDJPY price action on the daily time frame turned bearish after the rejection of the 127.80/130.60 multi-year horizontal resistance zone (purple). However, presently, price action is in a sideway mode.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

Short limit 127.375. Target open SL 127.89S

Moved Sl to 128.32

Us is closed, so a ranging motion upward is expected for the next 24.

Watching BTCUSD @ 33000 area. If it gets rejected I will add on shorts here.

this pair is too choppy for my blood

PART 2 - Analyzing USDJPY with Ichimoku chart from monthly
===========
Part 1 can be seen here https://www.forexfactory.com/thread/...7#post14012847

Monthly : Short term (Tenkan-Sen) = Bullish, Mid term (Kijun-Sen) = Bullish, Long term (kumo cloud) = Bullish
Weekly : Bullish. Price bounce on Tenkan-Sen
Daily : Price piercing short tem, Mid term flat/sideways, Long term bullish. Price approaching flat Kijun-sen (mid term resistance)
4H : last week, price making flag pattern then the price breakout from bear trendline/Mid term Kijun-sen. If the market keep uptrend in 4H it will likely reach 131 much faster in daily timeframe

Currency strength on YEN is weaking again. It can be currency that is the most trending in 2022 after drop in Feb,March, and April in first quarter.
If we check Dollar index, in monthly chart it's hitting 23fibo (also weekly Tenkan-sen line) now and also act as strong support

Currently i enter LONG at 127.23, preparing to reenter market when it retrace on 4H. Be careful with NFP news this friday, much better to see the market after the news comes out.

Slept through the move lol... Getting out of my longs here @128.60 might hit 129 but not waiting around to find out.

Also think thos goes back down from this area. So short again @ 128.62. Stop 130

Not happy I got in at 128.60, I slept through the move and was at my girlfriend's place when I entered my position, so couldn't check my charts and obviously got in early. So adding 1 more small position here at 129.25. Should hopefully see this puppy move down soon! Stop still 130.00

big trap for bears

Yes, minimum 131.50 we can search for shorts

Bitcoin

PART 3 - USDJPY Swing
===========
Part 2 can be seen here https://www.forexfactory.com/thread/...8#post14017048
Part 1 can be seen here https://www.forexfactory.com/thread/...7#post14012847
Monthly : All bullish. Short term (Tenkan-Sen) = Bullish, Mid term (Kijun-Sen) = Bullish, Long term (kumo cloud) = Bullish
Weekly : All Bullish. Price bounce on Tenkan-Sen
Daily : Now price in uptrend area. Mid term flat/sideways, Long term bullish
4H : Uptrend past the kumo cloud

There are no sign for bearish, currency strength still showing YEN weakness, all technical showing Bullish but we have to wait for today NFP news, safer is 2 hour after news come out. if the price going down sharply after news come out, i will look opportunity to buy

I still hold my BUY position from 127.23

Hope we'll see 131 today after Non-Farm.

we will see in the next 45 minutes.. in 4hr there are inside bar

next week there are NO fatal news like fomc or nfp, hope the direction will be more clear ^_^

Next week could be a big squeeze for bears. Retail traders are mostly short.