Usd/jpy X-plosion

the pair have broken through major resistance.......usually around this point we should see the pair make a turnaround and head lower...but if im wrong we could see the dollar jpy break 123s.\ eventually.

here is my following order. I see a bearish future for the dollar. specially if the fed decide to surprise us.


entry 122.25
sl:123.00
TG1: 120.75
TG2: 119.50
TG3: 117.75

COULD MY SPIDEY SENSES BE RIGHT?

entry 122.25
sl:123.00
TG1: 120.75
TG2: 119.50
TG3: 117.75

COULD MY SPIDEY SENSES BE RIGHT?



I think ure in for a BIG suprise were heading for 125.00...this is a one way ticket.

Based on what? gut feeling?

technicals on three crosses EUR, JPY and GBP point to a bullish dollar atleast in the near term.

I agree with the view that we're going to see USD/JPY go higher. What we're seeing now is a decent consolidation before the next spurt upwards. I think if I were in the OP's trade, I would seriously consider getting out of that trade.

Tommorow's US PPI number should play a big role in determining what this will do next. If one is not in a trade, I think the wise course would be to wait on that number. (Or have very quick fingers poised on the buy/sell button if you're taking a trade before that number's release).

While the USD recovery lately may be overdone for now, there is little evidence of any weakness on the horizon beyond a consolidation/retractment.

A very useful and yet little mentioned fact is that USDX (US Dollar Trade-Weighted Index, based on trading volume against 6 major currencies - see NY Board of Trade for details) is showing definite signs of recovery, having recently risen above key technical levels. Most fundamental factors have shifted in favor of USD against JPY in the medium term, since Japanese economic recovery seems to be more and more of a myth rather than a reality: 2% is a long way away for the BoJ, and even at that level, USD/JPY longs get a decent yield, especially if the Yanks' next move is to raise (which seems likely at this point). As another poster has already mentioned, barring any disasters, 125.00 seems inevitable.

Having said all that, I would be surprised to see the USD recovery continue beyond the medium term (i.e. beyond 6 months). The reason for that is the apparent contradiction between the USD-Equity correlation and the USD-Interest Rate correlation, particularly if inflation re-appears and rates go up primarily as an anti-inflation measure.

So what you are saying is it could go down or up....hmmm....interesting :

The point is not to say if it will go up or down but at what level i will go up or down.

Correct............with the fragile economy of Japan we should see more weakness in JPY and its crosses even though the dollar will weaken against the EUR ang GBP.......it will stay strong against the YEN.

Hey, i've sold too at 122.25 , no stoplossess for now but i see the things are going very bad! let's see tomorrow if the price will go to the sky or will go down..

The point is to not say ANYTHING at all. Prediction is wrong when it comes to trading. Think in terms of reaction, not prediction.