USD/JPY Discussion

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

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.

Muted response. By now one would think the dollar would be the dominant one.

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.

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.

Seems it will be a green day today, the weekly and monthly still in the strong uptrend.

Why are you bearish on UJ long term?

It's such a crazy volatility today, it's also a good opportunity for profit.

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.

next week, it might reach and exceed 140

Short usd/jpy 137.40
target 135.80



large

Yes I can. An inverted head and shoulders pattern has formed on the 4H chart. The projection of working out the figure is in the region of 140.00. The price is moving in an upward channel. The bounce off 136.20 has just confirmed the lower channel line.

USDJPY price action on the daily time frame is sideways as it approaches the 138.300/139.280 multi-year horizontal resistance zone (purple). However, technicals still favour bulls, and we may still see further northward move in the early part of this week.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

bought from 137.8, stop is below 136.4, target 140+

Anything above 139.5 will be selling zone for me.
I think there is a good chance it will hit 140 this week.

Let's see how much I can profit from this wave.

Good luck everyone!

have a look on USDJPY quick update