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USD/JPY Discussion 7 replies

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USD/JPY Discussion

USDJPY price action on the daily time frame is experiencing a bearish correction of the technically bullish structure. Last Friday’s bearish drive threatened the 145.720/143.450 horizontal support (green) but failed, printing a bearish candlestick with shadows on both ends. Although further bearish pressure may see the breaching of the 145.720/143.450 horizontal support (green), bulls are still favoured to restore market dominance after a bearish correction or southward market engineering. I am short-term bearish USDJPY, but medium-term bullish.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
They need to continue the intervention before it reaches 150 again. If it does then off we go to 160 in two weeks!
Bwa-ha-ha!
BoJ will be humbled today into submission
Financial repression is over with japanese economy total collapse
Stupid financial engineers, Ben Bernanke got nobel prize for money printing. LOL

Money printing must be over NOW or yen will go to 300 by the end of the year
Quoting PriceisKing
They need to continue the intervention before it reaches 150 again. If it does then off we go to 160 in two weeks!
Nice move, thats me done trading for the whole week.
BOJ is making a big mistake. This morning intervention attracts more speculators who "missed the boat" last Friday, IMO.

Or it might be a bear trap by big funds? dunno...
Good luck with your trades.
No way I'm getting into this.
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Funded trader
Lots of news this week...

For JPY, Thursday/Friday is important
every bar counts
That intervention didn’t do anything lol
don't believe in mumbo jumbo from gurus & charlatans, don't pay them money
When the only risk of ruin is an intervention, the best entry becomes right after each intervention... So right now with that beautiful low, probably was institutions not BoJ double dipping.

BoJ knows they cant stop the train without ending YCC. Seems like they are just trying to take out speculators with bad entries
every bar counts
It was another intervention by the BOJ this morning.

I reckon it would be nice to just share with you guys the price in action when it dipped to 146.
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Quoting FxChi
{quote} That's impressive you stuck with it so long. Good job. It looks like you didn't fire a bullet after 150 - any particular reason? Like I said, good job..I know my personality wouldn't be able to do this lol.
Thank you. Yes, that rapidly rising move gave me concerns. It was the same with the sharp rising curve we saw from 147.50 to 148.20, I did not fire any trade there too. I perfer to space out my positions, both in price and in time. Say, the price rises 200 to 300 pips in less than 12 hours, after I last entered a trade, I still wouldn't take a new trade. Just a habit.

Quoting Behzad.
{quote} Why did you close the positions? Don't you believe a bearish trend in this pair?
Thank you for asking. I closed them, because (1) it was approaching weekend, and (2) that whole "package" of 8 trades were already in profit. Yes, I have a medium to long term bearish outlook, for 12 to 18 months time frame. Short term wise, it's hard to say. I could always enter another package of trades if price goes back up, so not to jeopardise my account.
UJ has already reversed the move of nearly 3% lower from early in the Asian session when the BOJ possibly intervened once again in the market. Growing speculation that the Fed may slow the pace of their hiking cycle as early as December could reduce some of the bullish momentum in this pair, but as long as the BOJ continues to hold ultra easy monetary policy while the Fed is raising rates, UJ may likely continue grinding higher.

All trading carries risk, but it will be interesting to see how this develops, especially with the BOJ meeting at the end of week where expectations are from them to maintain their dovish stance.
Quoting cchin
{quote} Thank you. Yes, that rapidly rising move gave me concerns. It was the same with the sharp rising curve we saw from 147.50 to 148.20, I did not fire any trade there too. I perfer to space out my positions, both in price and in time. Say, the price rises 200 to 300 pips in less than 12 hours, after I last entered a trade, I still wouldn't take a new trade. Just a habit. {quote} Thank you for asking. I closed them, because (1) it was approaching weekend, and (2) that whole "package" of 8 trades were already in profit. Yes, I have...
Wish you luck.
imma going long @ usdjpy during US open
Blank and Empty
ABC correction is in progress. C needs to take out the previous low. 141 touch incoming, then north again for a day or two.
IMO
When you feel like you HAVE to trade is when you least should!
I will now sell rallies from the 150 area and put a stop above 151, once in profit, I will add a trailing stop

150 is likely going to be the intervention level, so that should be a good resistance
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don't believe in mumbo jumbo from gurus & charlatans, don't pay them money
Identical 4H corrections in September and October. It looks like below 147 will not go. Will rise above 152.
I am selling, target 146.5
i could be wrong.... trade safe...not an investment advice !
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Blank and Empty
I think so to buying yen. UJ TP 138-140
I don't think it's more than UJ 152
Find the entry point along the resistance line.
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Tarnor