USD/JPY Discussion

Now that 104.30 has given way maybe 103.66 if 104.03 doesn't hold

not so easy.. still fighting...but in the end go

Beautiful bounce off the daily pivot (104.21). If it yields (I doubt it will) the next stop will be the weekly pivot(104.01)=daily central(104.01)

USD/JPY now at 104.17

Is This Fun ?

Bruce

P.S. We just might close down. Amazing !!!

Yep. Wearing Bermudas.

it is fun... and you think its time go long?? or we go deeper??

Markets closed off of highs. Gold Up Oil Up Volume Light

On With The Show Next Support 104.00 and 103.90 and 103.60 and 103.50


Bruce

Well, I am seeing a little uncertainty in the market and though it may eventually head down, I still think it will hit 105.30 area and today's doji to me tells me that tomorrow will at least revist today's high if not go up farther.

As I cannot trade intraday I will keep my Sell Limit at 105.20 with a 50 pip S/L. We shall see....my buy limit just barely missed this morning by only a few pips.....Darn!

My TP has not been hit yet ... 104.41 .... only a few pips away

Everything goes up and goes down, and that certainly has been the case for USDJPY. Gold is now down. Some news out of the US has been positive in the last few days, and the news out of Japan was bad just now. So that should bring the pair up, which it did. How is it that you are always calling to short the pair? Have you long the pair in the past couple of days when it was in an uptrend?

I am not sure if it can get over 104.80 but it could. BOJ holds rate at 1/2 % BUT maybe the statement after might shake things some. Then ZEW in Europe could weaken EUR/USD which would cause movement. EUR/JPY still near 162.00 so we shall see.

Things are quiet. USD/JPY tends to get stronger sometimes around 2:30 AM to 3:30 AM but of course European markets affect that as well. CPI due out in the USA and FOMC minutes on Wednesday. Jobless claims on Thursday and on Friday Existing Home Sales, a lagging indicator.

Good Evening All !!!

My Style of FX trading is to determine the trend. Say 30 to 90 days. Then I trade only with the trend. So say I see over the next 30 days the trend reversing down since it is too high now. FAIR MARKET VALUE and STRONG RESISTANCE at 105.00 I NEVER go against the trend.

I will short USD/JPY as I did all day everytime it got too high.

Now on NO news I will wait for it to drift up but be careful it does not break 104.80 and short it on the top of the 5 minute Bollinger Band.

I also watch the EXHAUSTION in the Dow not getting past 13,000 by much.

I hope this explains it to you.


Bruce

23:40 USD/JPY: In Familiar Territory, Dip To 103.63 Rejected Tokyo, May 20. USD/JPY is opening the Asian session a bit better bid than yesterday and slightly above the 104.30 seen in afternoon Asian trading yesterday. It dipped down to the 103.63 level in London but the downside looks to have been rejected with the pair bouncing on better than expected US leading indicators and Wall Street buoyancy. The high overnight was 104.69 as topside stops were tripped above the Asian high. USD/JPY has since fallen back a bit but looks comfortable on the 104 handle.

There does not seem to be any directional trend at this time with the pair trading to and fro on the back of economic data, stock market moves and general sentiment towards USD. The same can be said for most JPY crosses though there have been clear winners and underperformers here. Going forward, USD/JPY looks to remain relatively rangebound between the 102.50-106 parameters seen since May 2. Today, most of the action is expected revolve around the still descending 100-day moving average at 104.65, just above the market. This level could act as topside resistance today. Stops are tipped above 104.70 however, and if tripped could provide fuel for a re-test of 105.00. Offers are seen ahead but stops above this level and 105.10. The downside looks to be limited to around 104.00, 103.95 the low in New York, with more support at 103.60-65, 103.63 the low overnight. USD/JPY currently trades quietly at 104.40/42. -- [email protected]


And Some More...


SPOTTECHNICAL SIGNIFICANCERECOMMENDATIONPOSITION106.75(M)Feb 22 Daily Range Low Flat On A Failure FLAT at 104.13
open16/05/08time20:53targetstop105.70(M)Trend High May 2 Flat On A Failure 105.55(M)Daily High May 7 Sell Failure, Buy Break 104.85(M)Hrly Dn TL Fm 105.45 Sell A Failure 104.4500:30 GMT TUE 20 MAY 103.40(M)Daily Low May 13 Buy Bounce/Sell Break 102.60(S)May 9, 12 Low Take Profit, Sell Break 102.15(M)Ichimoku Cloud Top Cover On A Bounce 101.90(M)38.2% 95.75/105.70 Cover On A Bounce
Strategy:[email protected] An inside day yesterday in a 103.63/104.68 range leaves the daily studies flat lining in neutral territory, the hourlies mid range. Our bias lower, after three sessions of lower highs and the failure last week to challenge the 105.55/70 highs recorded earlier this month. Our strategy is to sell a 104.85 TL failure or a 103.40 break. (ams) 23:00 GMT
end



USD/JPY

Usually around 8:30 PM there is movement at times. We just saw some. Not sure why. Will do some research.

Bruce

I am going to take a cookie break and visit with a friend. Recent news out of Japan and things.

Bruce

Probably stop hunters ......

EUR/JPY now at 161.89 and USD/JPY at 104.22 testing low of session.

Bruce

Just some thoughts about what I am trying to figure out.....

Regarding UJ......

This makes sense not trading against the trend, but sometimes I get confused. For example, D1 MACD is showing short, but W1 MACD is showing Long. There could be argument in this case to go either direction but heavier favoring D1. When both D1 an dW1 are in unison choosing direction would be NP.

USD/JPY 104.17 and EUR/JPY at 161.85

Heading down hard All Red Candlesticks

Bruce

Test 103.90 after 104.00

rba minutes came out, the aussie has taken off, must have been strong numbers for australia, not going to cut rates. jmo