Daily EUR/JPY analysis

Lol! K, fair 'nuff.

I'm delighted to learn bank traders use ichi but I'm strictly small time. 50 pips here, 100 pips there, it adds up for guys like me. I have about a 4 or 5 hour window during the asian in which to trade (no overnight positions ever) so my analysis tends to be quick, clean, and super simple. I check D1 and H4 for overall trend but trade mostly from the H1 and M15. PA, a handful of high prob candle formations, buying/selling on support/resistance respectively are the techniques that work for me and after finally chucking indicators out the window, my formerly flat/choppy equity curve has taken a gratifyingly steep northward bias.

Perspective, sinner ol' chum. But then, you already know that.

Btw, with the strong Yen noises coming from the new Japanese administration, I can easily see 120 (and lower) coming sooner rather than later. Hell, it was only 6 months ago it was at 124 and 9 months ago at 112! Time will tell.

Either U/J has to move up to meet value levels of G/J and E/J or G/J and E/J have to move down to meet value levels of U/J.

I would prefer U/J up but it doesn't look like it wants to go. Japanese exporters are getting eaten alive by the current U/J rate so something has to budge! With SNB buying USD/CHF I was hoping BoJ would step in and play the same game. All central banks want a weaker currency against the USD right now.

This pair now has an absolute floor at 130. If we close below that, this pair is officially in a bear trend. The U/J will continue to sell off.

Hi sed, I am still holding E/J short from last night London session at 131.379, although I lightened the position considerably at Tokyo open. I'll hold the remainder of this one until the SL gets hit (131.479) or moves further in my favour.

E/J could be prime for sharp, fast down move if E/U decided to retrace on a bad U/J day.

Hmmm... four days ago it closed at 129.906. Interesting.

This is how it played out since I left work last night.

Looking for a low volume up bar to short off.

Adding more shorts here, 0.8 lots 130.667 SL 130.767.

Hope she can ride.

the u/j is really quiet right now. we will probably get a break in london

If that bearish engulf we just had on M15 can hold, then I will be a happy man. There was also one on the M5 a little while ago but PA didn't really take notice of it. Hourly close below 130.6 would be nice confirmation.

EDIT: There we go, nice spike down to 130.5. I exit 0.6 lots at 130.52 and let the rest ride for free.

Would love to see this tanking direct to 130 and below

i'm with you. 30 min til london. 88.50 on the u/j wants to break so bad.

Rumours of big U/J buying during Tokyo around the 88.5 zone.

true. its a major psych level.

its testing it again

Geronimo!!!

The only thing that could make this sweeter is if this hourly bar (3 minutes to close) finishes below 130.

major psych at 130. Looks like it has to think for a minute.

Beat me to it

its trying.

greetings chaps. PA will stall at 750. If breaks that then large slump is on the cards.