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USD/JPY Discussion

  • #8,641
  • Jun 19, 2008 12:49pm Jun 19, 2008 12:49pm
This week has been a bad week for the yen with a range of 108.57 for the high and 107.41 for the low and with no announcements for the USD tomorrow, I do not anticipate the market breaking either one.... That is my 2 cents worth.
The Dove - Forex Trainer
  • #8,642
  • Jun 19, 2008 1:12pm Jun 19, 2008 1:12pm
Quoting dove_alliance
This week has been a bad week for the yen with a range of 108.57 for the high and 107.41 for the low and with no announcements for the USD tomorrow, I do not anticipate the market breaking either one.... That is my 2 cents worth.
It looks to me that all currencies have entering the summer ranging mode with no strong trends either way. EUR, for example is stuck between 1.5350 and 1.58. I would call 106.50 - 110 as the near term range for yen.
Looks like Trichet and Bernanke created enough volatility with those surprising and contradicting statements and increased traders' sense of risk.

Range trading has its benefits as long as you don't marry your position when breakout occurs sometime in August :-)

Personally, I've had most of my good trades this week in EUR/NOK. If your broker offers this pair, it's worth looking at. We are in a strong daily uptrend within slowly uptrending weekly range. I've been buying it at 8.00 - 8.02 zone since Monday taking profit @ 8.04+
Attached Image (click to enlarge)
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"Luxury is one of the basic needs", (c), Don Corleone
  • #8,643
  • Jun 19, 2008 1:23pm Jun 19, 2008 1:23pm
agree..it been a horrible week for yen , i dont believe it going to be any better soon...
pip and run ....
  • #8,644
  • Jun 19, 2008 1:25pm Jun 19, 2008 1:25pm
Any one else watching N/U?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1hour.gif Size: 72 KB
Click to Enlarge Name: daily.gif Size: 77 KB
"I don't always trade markets, but when I do, I prefer harmonics."
  • #8,645
  • Jun 19, 2008 1:53pm Jun 19, 2008 1:53pm
Quoting pipo77
agree..it been a horrible week for yen , i dont believe it going to be any better soon...
The dollar is weak, but the yen seems to be much weaker ...
  • #8,646
  • Jun 19, 2008 2:41pm Jun 19, 2008 2:41pm
Quoting Schminner
The dollar is weak, but the yen seems to be much weaker ...
right...but it reached a good resistance level ....all indicator are showing its over bought , even if the yen is weak ,we may see some change in direction ...maybe in a couple of weeks...
Attached Image (click to enlarge)
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pip and run ....
  • #8,647
  • Jun 19, 2008 3:16pm Jun 19, 2008 3:16pm
Quoting Schminner
The dollar is weak, but the yen seems to be much weaker ...
If you go across the board you would find that the yen is weak with all the currencies.......
The Dove - Forex Trainer
  • #8,648
  • Jun 19, 2008 3:21pm Jun 19, 2008 3:21pm
Quoting pipo77
right...but it reached a good resistance level ....all indicator are showing its over bought , even if the yen is weak ,we may see some change in direction ...maybe in a couple of weeks...
Right or wrong aside:
Thank you for backing up your comments with what you are seeing - that's how we all learn! If more folks would do that it would be a lot more beneficial than posting opinions.

Anyway - just thought I would say thanks.
  • #8,649
  • Jun 19, 2008 4:02pm Jun 19, 2008 4:02pm
Quoting dwildes
Right or wrong aside:
Thank you for backing up your comments with what you are seeing - that's how we all learn! If more folks would do that it would be a lot more beneficial than posting opinions.

Anyway - just thought I would say thanks.
absolutly, you know something... we could even start putting our entries and exits as well ,so we all can get some benefits...not only for USD/JPY but for any other pair it may look good...
am ready ..if the rest of you guys are ready...
pip and run ....
  • #8,650
  • Jun 19, 2008 4:07pm Jun 19, 2008 4:07pm
Hey Dove, could you post the pivot levels when you know them at 17:00? I used Interbank FX Pivot indicator for MT4 and found it kind of hard to set up for different time frames. I downloaded a new one and I think I have it right, but I wanted to compare it to your settings. Thanks.
  • #8,651
  • Jun 19, 2008 4:12pm Jun 19, 2008 4:12pm
I use these two sites for Pivot Levels..

http://www.actionforex.com/technical-analysis/pivot-points/usdjpy-(pivot-points)-200603215755/

&

http://crazyforex.com/
"I don't always trade markets, but when I do, I prefer harmonics."
  • #8,652
  • Jun 19, 2008 4:14pm Jun 19, 2008 4:14pm
R3 - 108.86
R2 - 108.46
R1 - 108.22

PP - 107.82

S1 - 107.58
S2 - 107.17
S3 - 106.94

The central pivot - 107.98
The Dove - Forex Trainer
  • #8,653
  • Jun 19, 2008 4:17pm Jun 19, 2008 4:17pm
Quoting dove_alliance
R3 - 108.86
R2 - 108.46
R1 - 108.22

PP - 107.82

S1 - 107.58
S2 - 107.17
S3 - 106.94

The central pivot - 107.98
Ahhh, thanks. Now we're on the same page.
  • #8,654
  • Jun 19, 2008 6:18pm Jun 19, 2008 6:18pm
I am short @ 108.00 for 10 pips - it's conveniently stuck between the central and the daily
"Luxury is one of the basic needs", (c), Don Corleone
  • #8,655
  • Jun 19, 2008 6:35pm Jun 19, 2008 6:35pm
I am thinking we will see 107.10 during london we are stepping down notice the lower highs and higher lows I think longs rightnow would just be crazy. I guess I just see the market a little different than most but I do get a lot of good trades so I can't complain.
  • #8,656
  • Jun 19, 2008 6:38pm Jun 19, 2008 6:38pm
The way I see it is the breakout with either the central or daily pivot and right now the 2 hour has a strong up and doing all it can to break the central pivot for the up.
The Dove - Forex Trainer
  • #8,657
  • Jun 19, 2008 6:45pm Jun 19, 2008 6:45pm
Yeah, 15M, despite divergence is trying to push. If it 8.10 breaks north, I'll probly take a long with a stop under 7.82 and see how she rolls.
There's always money in the banana stand.
  • #8,658
  • Jun 19, 2008 7:01pm Jun 19, 2008 7:01pm
A major investment bank has issued a sell recommendation on USD/JPY. Does anyone know which bank has issued it?
  • #8,659
  • Jun 19, 2008 7:06pm Jun 19, 2008 7:06pm
Quoting naminori
A major investment bank has issued a sell recommendation on USD/JPY. Does anyone know which bank has issued it?
what is name this major investment bank ?
thanks
  • #8,660
  • Jun 19, 2008 7:07pm Jun 19, 2008 7:07pm
Quoting naminori
A major investment bank has issued a sell recommendation on USD/JPY. Does anyone know which bank has issued it?
Of all the years I have traded this market have I known, or even heard, of any bank in the world to give out any kind of recommendation for a sell or a buy.........
The Dove - Forex Trainer
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