USD/JPY Discussion

When it hits the 119.46 I will take profit and be gone for the rest of the day..... over 75 pips for the day will be enough.

I hate it when it bust the bollinger band like that.... 20 pip retrace.

Did you get out near the high?

Also, a question I had earlier but you might have missed, has U/J always respected pivots this closely in the past? Which charting software are you using to calculate them?

He mentions earlier in the thread.

Found it, thanks.

Short at 119.48 and 38...
Now out ... NICE profit!

Looks like we're going to edge higher yet again after this down turn.

Indeed. Nice to see it found support at 119 on that last drop (a level it's had so much difficulty with these past few days). Now just the R1 pivot to contend with again and the 200-day SMA at 119.60

Trader,

I'm wondering whether we're in this range 119/119.60 till NFPs.

Dutch,
That's definitely a probable scenario. Frankly I'm surprised how quickly the global markets shrugged off last week's rout. I thought in the best case scenario we'd see some serious stop hunting before continuing higher (U/J < 118, A/J < 100, etc), and in the worse case, a much more drawn out unwind. As you've said yourself, some of these carry pairs could drop another 1000pips and still be in multi-decade high territory.

Nonetheless, the daily and 4H on U/J are looking more promising for the continued bullish scenario that is underway. I'll just be keeping a keen eye on how 118/119 hold on subsequent tests.

From my readings, 4H chart for UJ has got a uptrend move.
But don't be surprised it might spend a couple of bars in the low 119 to 118.70ish zone... to stay bullish...

It is great to get up and see that the target was hit and profit in the account.... To answer everyones question 119.46 will remain the turn around until Tokyo comes in this evening.

It will continue to play between the pivots. 119.04 and the 119.46

Here is the link for the calculator I use to get my daily pivots.... How you get your pivots is at 17:00 ET on the daily candle you will bring up the information on the closing candle for that day - the "open" the "high" the "low" and the "closing" of that candle. You enter them into this software and then hit the count button. You then have the pivots for next 24 hours..... Also remember that the central pivot which is the opening candle for that day is also very crucial on how the candles work on the pivots, so; that pivot also must be on your chart.


http://www.bestvistadownloads.com/so...-uyiktrtd.html

This link is a free software to down load and always have on your computer.... I have it on my desk top and bring it up everyday at 17:00

One other thing - I find the best chart to use for drawing your pivots is the 5 minute chart.

thanx dove,
that was really helpful.

No problem..... I like to see all traders make it in this market..... I've been trading in it now for over 2 years and it was a struggle at first like it is for everyone.

For any trader is watching the 5 minute chart will notice that a candle had closed below the central pivot - 119.04 - which means that central pivot had now became a resistance and will travel to the next pivot which is the daily at the 118.74. This is how the pivots work and can always make profit. On the usd/jpy the pivots are pretty accurate

Just took profit at the pivot.

just see how price reacts to pivots and fibos today
yesterday was even more obvious

For anyone wondering it is still down.

would you go long from here?