USD/JPY Discussion

Follow the plan...

Hmmm... Might be H4 HP in play..

Trade using bigger TF..
H4 HP retest zone perhaps..

Wrong again.. H1 retest HP zone in play .

I'm ready!

Slowly rebuilding my short position on usd/jpy strength. Focused on the daily chart for spots.

Short again at 50% retrace H4 swing

Price broke last Daily Candle's High in Asian Session.. are we in for price correction on Frankfurt and London Open?

Might be. But my bet on retest HP zone H4.

H4 support might stop this move .

Update chart.

Long on UJ but possible retest below

FOMC is tomorrow. The same thing that CPI did, more than likely FOMC will mirror. 136.8 and 135.4 look like a nice tunnel until then. We are in a downwards channel on the 4hr, and have yet to break out of it. This to me signals that we are in a wave 3 and have yet to break free to form wave 4. Meaning we will retrace upwards, but there will be more below still. I see us bearish for the next week, unless Thursday's Unemployment numbers send us north in which case we may break this tunnel. This is due to FOMC coming in with a .25 point bump as forecasted, (After the announcement look for a retrace into the presser to get in if you miss the first run) and the Santa Claus effect hitting the DOW which historically tanks after Christmas through the new year, so looking for the Dollar and UJ to turn north then or thereabouts for wave 5's ending.

i have a feeling this paid is going to tank down badly based on the weekly time frame bearish posture. its best to place your sell-stops in order.

USDJPY price action on the daily time frame went sideways after a bullish rejection of the 133.170/135.455 weekly demand zone (green). Technically, price action is in a bearish market structure, but we may still see some northward market engineering for liquidity grab.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

Coreg,
are we allign now on 1.27 & 1.618 ABCD?

H4 R now holding from uj fly..

a little over 300pips for me. thx jpy

The Yen is currently rallying across the board following the BOJ Meeting. Not really a pivot, but given how dovish they have remained this year while other central banks have gotten increasingly aggressive with their policy tightening, today's decision to adjust the YCC and raise the upper limit is a very hawkish move for the Japanese CB.

USDJPY has been testing support at its 200-day MA this month, and the pair finally looks like to could be on track to break below this key level, with it also pushing below the monthly S1 at the time of writing.

All trading involves risk, and it will be interesting to see what the reaction from the US and Europe are later today. But if these moves from the Asian session can hold through the day, UJ may be able to extend this pullback.

They may want to take at least 131.20 before take profit and make a decent retracement

Done
Took profit and waiting for possible buy signal

Took a small buy, time will tell
There is the big picture to analyze again, something on bigger time frames changed

Nice end of year run.

I’m watching the 200 dma to see how far back we pull back before shorting this pair again. Typically I watch the daily and 4 hr for support resistance levels. And watch 4 hr 15 min and hourly when the trade is on. Actually I watch a lot of time frames to get a sense of what’s going on. Asia open could be interesting again. Good luck ..