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USD/JPY Discussion

Looking at this and feel this could be a Bull flag... Might take trade!!! What do you think?

Taken trade!
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Don't trade what you think. Just what you see!!!
Quoting Konichiwhaat
Just a little trade idea (from inside Japan). We are still closed to independent tourist and have been for years now. Only people tourists on guided tours, family and business people can come, but it is still very strict. The borders may open up to people in the next couple of months (from what we have heard), but no guarantees. The international tourist demand is now bubbling over, people really want to get into Japan for what ever reasons. When Japan opens, the demand for Yen from overseas banks to meet demand may be so humongous! Just something...
Sound like a good idea. What's the cost of living in Japan? And feeling of people regarding economy. Here in Britain the cost of living is through the roof and just doom and gloom with the people.
Don't trade what you think. Just what you see!!!
Quoting josip
{image}
I just have to say that I think your TA is damned good. The area you're pointing out looks to be fitting in with a great Supply zone too. Good work!
I'm more a fundamental based trader, so I will wait longer for potential demand. But that's a nice short TA set up.
Short from 136.84. My tp at 135.80.
6:24 PM EST.
My chart is looking alot like it did before the last drop. We have GDP news tomorrow 8:30 am EST. Much as we did on the 22nd. That drop started at 8:30 PM the night before. Let's see if they telegraph the news once again shall we?
When you feel like you HAVE to trade is when you least should!
Quoting Theoak
{quote} Sound like a good idea. What's the cost of living in Japan? And feeling of people regarding economy. Here in Britain the cost of living is through the roof and just doom and gloom with the people.
Hey Theoak. Yeah prices are high but nothing as crazy as other developed countries. I did notice timber was 50% higher in the hardware store the other day, but that's the only big jump I have seen (oh and fuel or coarse). But people are happy. People still wear masks everywhere they go and look after each other
TIME is the most valuable commodity
Definitely at the crossroad here. Did we have LH at 137.50 or not? We should find out very soon.
Long UJ only
News in 20 and we are at the bottom of the channel. This could go long. Which is good. We will finally be done buying the dollar.

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When you feel like you HAVE to trade is when you least should!
Muted response. By now one would think the dollar would be the dominant one.
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When you feel like you HAVE to trade is when you least should!
Quoting ballballball
Long UJ only
Agreed. Downside risk is limited with USD gaining and JPY falling (policies).
My 2 cents...
I am bullish, but not too far. My reasoning is this. We had CPI news come out. This is represented by the engulfing red candle on the screen. To me this signifies the beginning of the end. Now what I think happened in this candle is that the big boys.. banks.. hedge funds.. money makers.. You know.. THEM. Well they set the price. They said we are selling at THIS price. Now anyone who has worked in a trading house, or traded period.. know that there is slippage. This to me represents slippage on a huge trading bundle. Then interestingly enough you will find that price will bounce around INSIDE this engulfing candle confusing the fuck out of the bears who don't understand why things didn't keep going, and watching their sells inch towards their stop loss. But wait.. they aren't just going to punish the bears.. Nope Bulls get some love too. Because now it is inching up. Still within that huge candle as we fill in their sell orders with buys. We may even push a little higher than 137.6, but I just don't see it. Again.. I could be wrong with this, but this, coupled with structure, the muted response to today's good news, the huge response to the bad give me pause to go higher. As much as I want to see 140.. and even 147 we hit the 100% extension almost perfectly. USD has news again in the morning. we should know then. If we are at the top of this channel.. Probably down. If we are at the bottom.. up it is.
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When you feel like you HAVE to trade is when you least should!
It needs a strong green candle in H4 closed above 136.90 to continue the uptrend, otherwise, we will see a down day today, I think.
I'm keeping my short at 136.84. My tp at 133.86. We'll see.
Quoting irontrade58
It needs a strong green candle in H4 closed above 136.90 to continue the uptrend, otherwise, we will see a down day today, I think.
Seems it will be a green day today, the weekly and monthly still in the strong uptrend.
Quoting jag1969
I'm keeping my short at 136.84. My tp at 133.86. We'll see.
Why are you bearish on UJ long term?
Quoting irontrade58
{quote} Seems it will be a green day today, the weekly and monthly still in the strong uptrend.
It's such a crazy volatility today, it's also a good opportunity for profit.
Quoting OBsayMkMoney
My 2 cents... I am bullish, but not too far. My reasoning is this. We had CPI news come out. This is represented by the engulfing red candle on the screen. To me this signifies the beginning of the end. Now what I think happened in this candle is that the big boys.. banks.. hedge funds.. money makers.. You know.. THEM. Well they set the price. They said we are selling at THIS price. Now anyone who has worked in a trading house, or traded period.. know that there is slippage. This to me represents slippage on a huge trading bundle. Then interestingly...
This is an excellent explanation. During Powell's speech today, the UJ really went wild. Chopping up and down. A lot of indecision on today's news, which tells you that sellers have lost strength for the time being. Obviously the direction will be based on the next interest rate hike for the USD. Will it be .5 or .75, after today it sounds like it might be up in the air. This tells me if it is .75, it might be mostly priced in and the selling side is limited. If it is .5 we might head right up to 140 and possibly higher.
Quoting ForexGoose
{quote} after it reaches 137.2, bulls can target 140 {image}
next week, it might reach and exceed 140
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don't believe in mumbo jumbo from gurus & charlatans, don't pay them money
Short usd/jpy 137.40
target 135.80



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