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USD/JPY Discussion

  • #14,541
  • Jan 21, 2010 6:12pm Jan 21, 2010 6:12pm
What the hell caused this pair to drop so drastically?
  • #14,542
  • Jan 21, 2010 6:23pm Jan 21, 2010 6:23pm
pennant is being formed ... upward breakout
  • #14,543
  • Jan 21, 2010 6:24pm Jan 21, 2010 6:24pm
Quoting Schminner
What the hell caused this pair to drop so drastically?
descending triangle
  • #14,544
  • Jan 21, 2010 6:33pm Jan 21, 2010 6:33pm
Quoting Schminner
What the hell caused this pair to drop so drastically?
It's probably US President Obama's talk about limiting risk at big banks. This talk has been in the news before but Obama took it a step further by making big talk about it today. It took the EURJPY cross down which is largely seen as a global barometer of risk appetite. I'd say the same thing dragged the USDJPY down with it as well.

I'm at a crossroads here though... I have 100 pips in unbooked profits with the USDJPY on this strong move and I'm not sure whether to let it ride. Looks like on the daily chart, the pair is stuck at the 38.2% retracement from the last swing, that could take this pair even higher.
  • #14,545
  • Jan 21, 2010 6:55pm Jan 21, 2010 6:55pm
got out of my long position from 91.30 at 91.82 as it started to lose momentum. i missed the huge +100pip move down though. waiting for the next trade.

i missed the descending triangle, thanks for pointing it out
  • #14,546
  • Jan 21, 2010 7:24pm Jan 21, 2010 7:24pm
went short at 90.20, stop loss at 90.30, 2 targets: 89.76, 89.56
  • #14,547
  • Jan 21, 2010 7:27pm Jan 21, 2010 7:27pm
I was up 100 pips, now -100 ....
  • #14,548
  • Jan 21, 2010 7:29pm Jan 21, 2010 7:29pm
Quoting blue_z_zz
I see all the guys in the room are scalpers any thoughts as if usd/jpy is poissed to go over 100 during 2010 i guess i have to post a daily and weekly charts to show you guys what im looking at but serioslly i think we heading to above 100 by 2010 and 95 during Q1
i am with you on that,
i am seeing it down to 88.60-20 next week and then it will start a big move up to 100++ over the next couple of months
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  • #14,549
  • Jan 21, 2010 8:06pm Jan 21, 2010 8:06pm
Nice divergence on the 1hr charts... anyone taking a long here for some retrace?
  • #14,550
  • Jan 21, 2010 8:13pm Jan 21, 2010 8:13pm
Quoting bshcom
i am with you on that,
i am seeing it down to 88.60-20 next week and then it will start a big move up to 100++ over the next couple of months
then it's a time to get long position. is there any chance that it will move to 85 or 84 level again?
there is no significant economic news for USD or JPY, but be careful for the obama speaks speaks today, watch the BBC or bloomberg...
  • #14,551
  • Jan 21, 2010 8:24pm Jan 21, 2010 8:24pm
Quoting yeri
then it's a time to get long position. is there any chance that it will move to 85 or 84 level again?
there is no significant economic news for USD or JPY, but be careful for the obama speaks speaks today, watch the BBC or bloomberg...
this is forex so you never know all can happen
but i see 84.80 as the low for this time
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  • #14,552
  • Jan 21, 2010 8:41pm Jan 21, 2010 8:41pm
USD-JPY may drop to 88.20

Quoting FX-Petra
Nice divergence on the 1hr charts... anyone taking a long here for some retrace?
Its all in the mind.
  • #14,553
  • Jan 21, 2010 9:02pm Jan 21, 2010 9:02pm
Quoting yeri
then it's a time to get long position. is there any chance that it will move to 85 or 84 level again?
there is no significant economic news for USD or JPY, but be careful for the obama speaks speaks today, watch the BBC or bloomberg...
Anything is possible, the Yen strenght will be tempered by Japan's rhetoric of needing the Yen above 90 or intervening.
This was the willd wild west today.
  • #14,554
  • Jan 21, 2010 9:44pm Jan 21, 2010 9:44pm
Just to comfort our USD/JPY traders:


The retracement of the YEN today is going to be a setup for a good bullish scenario in the weeks to come. My trendline analysis is telling me that at the max we are going to see 150 more pips downwards. After that we will see a gradual rise followed by a powerfull surge that will reach 100.xx level. Have your orders ready at the floor of 88.50 region
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  • #14,555
  • Jan 21, 2010 10:27pm Jan 21, 2010 10:27pm
I am thinking exactly the same thing as the USD index is high and Dollar seems to be strengthning i dont see JPY falling down to to 85.00. Around 88.20 like you said 150 pip drop is the most it should drop, and most likely tonight/tomorrow as Dollar is very weak right now
  • #14,556
  • Jan 21, 2010 11:08pm Jan 21, 2010 11:08pm
Quoting Kas1
cancelled this 9172 order, still holding a trade long from 91.20, 9194 tp
...got stopped out of my long trade lastnite, was almost at my target too...didnt see that sharp drop coming...live and learn
  • #14,557
  • Jan 21, 2010 11:29pm Jan 21, 2010 11:29pm
Quoting Kas1
...got stopped out of my long trade lastnite, was almost at my target too...didnt see that sharp drop coming...live and learn
yeah...my target was at 91.90...luckily i was at the computer and for some reason decided to get out at 91.86...then went to sleep. did not see such a huge move to the downside coming. i got to work this morning, checked the charts....

  • #14,558
  • Jan 22, 2010 12:10am Jan 22, 2010 12:10am
Quoting No Stress
Short 90.41 SL 91.02 TP 89.52.
Good morning

Still some pips to target. Position locked at entry point.

Good trading for all.
No Signal, No Trade. No fundamenals, No headache.
  • #14,559
  • Jan 22, 2010 12:23am Jan 22, 2010 12:23am
Quoting No Stress
Good morning

Still some pips to target. Position locked at entry point.

Good trading for all.
i am in it too. You think this TP can be achieved in next couple hours ? i been waiting all night here in the US
  • #14,560
  • Jan 22, 2010 12:26am Jan 22, 2010 12:26am
i think we could possibly see a retrace to DP 90.70 or 91.00
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