USD/JPY Discussion

i guess its going up... it looks like a falling wedge formation since may 11th (look at 1h chart). Anyways, im not entering a position between 104 and 102.60 ... btw, i like kathy lien's sense of humor, "US Dollar Faces Nasty Mix of News on Tuesday" .. nasty?

http://www.dailyfx.com/story/bio1/US...820895098.html

correction... a falling wedge with a descending triangle touch.. ha!

That is a very scary article.......

Take A Look At The Blue Lines. On The Daily.the Range Is Clearly 103 To 105 With A Bias For A Bearish Break As We Wait For Fundamentals Trade And Closely Watch 1h Sell Opportunities In The Meantime.

I believe the present rally will stop @ 104.20.....any thoughts ???

I was thinking triangle resistance around 104 might hold. Thoughts?

yep! 104 will hold if the tech books are "correct"

Why is it having such a big run in the last couple of hours?

so they can take out all the shorts lol

Institutional traders back to work....the big boys can really move the market !!!

all yen crosses jumped pretty good so the yen must have run into trouble I guess

A strong rally in early European trading has put on 65 pips since UJ broke above its daily pivot at 103.33

Now it has the 104 level as resistance, followed by its 78.6% retrace of the last fall at 104.07 and last Thursday's high at 104.38.

London Open in 5 mins, so lets see what the Brits do.....

Maybe some news leak....

why can't they leak the news in this forum 1st eh

IMO it was dollar buying - the Euro was -80, Cable -90 and Swissy +60

LOL - I was "almost" correct.....

0643 GMT [Dow Jones] EUR/USD falling due to "massive selling" by one "big Russian name," says senior sales dealer at major Japan bank. Tips support at 1.5680; pair last 1.5760. Says while reason for selling unclear, it seems it was waiting to sell pair above 1.5800, he says. "I guess the selling is for profit-taking, based on speculation that the pair won't rise much from here due to jawboning from European officials." (TMO)

and

0730 GMT [Dow Jones]--Swiss trade dynamics came out surprisingly strong in April, says Credit Suisse. Filtering out the distortion of the three extra working days compared with a year ago, "today's reading still showed that foreign demand remained surprisingly robust," says analyst Fabian Heller. But despite the stronger-than-expected reading, "we expect a gradual slowdown of foreign demand in the months ahead," he adds. "While international economic growth moderates, we also expect the CHF to appreciate which could be unfavorable for the Swiss export sector." (HJS)

210 million option @104 expires today 10:00. I would say it is a put....since the banks are obstructing higher higs....

All the previous posts have made the point of why it rose overnight. The 2 Year US Treasuries are at 2.44% While Dow Futures are down 19 and Oil is Up $1.20 and the Nikkei was Up as well. The EUR/JPY rose from 163.00 to 163.902 and is now 163.56 as USD/JPY has come off High at 104.018 and is now 103.772

I will post again once I catch up on my email and research.

Bruce

P.S. I slept in this morning.

this is an example of the correlation of DOW and UJ I was writing before... the previous close of the DOW was UJ at 103.33
now the DOW is -19 before open. we'll see how evolves.. but UJ has formed like a double top in the chart... so I guess UJ has to go down to match DOW.. or DOW will explode up at open.

This is my contrarian take. While most economists and brokerages have been predicting a 2nd-half comeback for the economy, I believe it’s going to begin a major leg down. Depression/recession, crisis, runaway inflation, a new bear market, and Fed impotence will be Wall Street’s new battle cries. It won’t be pretty.
Good Trading,
Andrew Gordon

From one of my emails. I also looked at the Daily Video Call at FXNation Live and DC Bonta who I follow and is a excellent FX trader with emphasis on charts and Resistance, Support and Other Technical Indicators used some propriety sees it heading down,. As long as it stays below 104.25 the trend has not changed. Data today will lead the way with the Dow as well setting the tone. A Good Shorting Opportunity could be nearby if you are flat now. However be careful as NEW Data could change things even though odds are good data will be negative. Option Expiry at 10:00AM as already pointed out at 104.00 is also there.

Bruce