Attachments: USD/JPY Discussion

USD/JPY Discussion

#14,541
Jan 21, 2010 4:12pm Jan 21, 2010 4:12pm

Schminner
| Joined Jun 2007 | Status: Trader | 939 Posts

What the hell caused this pair to drop so drastically?

#14,542
Jan 21, 2010 4:23pm Jan 21, 2010 4:23pm

hnosair
| Joined Dec 2009 | Status: Trader | 168 Posts

pennant is being formed ... upward breakout

#14,543
Jan 21, 2010 4:24pm Jan 21, 2010 4:24pm

hnosair
| Joined Dec 2009 | Status: Trader | 168 Posts

Quoting Schminner

Disliked

What the hell caused this pair to drop so drastically?

Ignored

descending triangle

#14,544
Jan 21, 2010 4:33pm Jan 21, 2010 4:33pm

ric3bowl
| Joined Jan 2010 | Status: Kumo Wrestler | 37 Posts

Quoting Schminner

Disliked

What the hell caused this pair to drop so drastically?

Ignored

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 4:55pm Jan 21, 2010 4:55pm

latropsudoxe
| Joined Apr 2009 | Status: Trader | 314 Posts

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 5:24pm Jan 21, 2010 5:24pm

latropsudoxe
| Joined Apr 2009 | Status: Trader | 314 Posts

went short at 90.20, stop loss at 90.30, 2 targets: 89.76, 89.56

#14,547
Jan 21, 2010 5:27pm Jan 21, 2010 5:27pm

Schminner
| Joined Jun 2007 | Status: Trader | 939 Posts

I was up 100 pips, now -100 ....

#14,548
Jan 21, 2010 5:29pm Jan 21, 2010 5:29pm

bshcom
| Joined Aug 2006 | Status: bshcom | 131 Posts

Quoting blue_z_zz

Disliked

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

Ignored

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 6:06pm Jan 21, 2010 6:06pm

FX-Petra
Joined Sep 2007 | Status: Trader | 1,673 Posts | Online Now

Nice divergence on the 1hr charts... anyone taking a long here for some retrace?

#14,550
Jan 21, 2010 6:13pm Jan 21, 2010 6:13pm

yeri
| Joined Oct 2009 | Status: Trader | 478 Posts

Quoting bshcom

Disliked

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

Ignored

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 6:24pm Jan 21, 2010 6:24pm

bshcom
| Joined Aug 2006 | Status: bshcom | 131 Posts

Quoting yeri

Disliked

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...

Ignored

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 6:41pm Jan 21, 2010 6:41pm

5abi
Joined Apr 2009 | Status: Technical Artist | 1,609 Posts

USD-JPY may drop to 88.20

Quoting FX-Petra

Disliked

Nice divergence on the 1hr charts... anyone taking a long here for some retrace?

Ignored

Its all in the mind.

#14,553
Jan 21, 2010 7:02pm Jan 21, 2010 7:02pm

wwwin
| Joined Oct 2006 | Status: Trader | 1,946 Posts

Quoting yeri

Disliked

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...

Ignored

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 7:44pm Jan 21, 2010 7:44pm

Kambooj
Joined Dec 2009 | Status: Trader | 2,319 Posts

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 8:27pm Jan 21, 2010 8:27pm

Honored
| Joined Dec 2009 | Status: Trader | 597 Posts

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 9:08pm Jan 21, 2010 9:08pm

Kas1
| Joined Oct 2008 | Status: Trader | 1,177 Posts

Quoting Kas1

Disliked

cancelled this 9172 order, still holding a trade long from 91.20, 9194 tp

Ignored

...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 9:29pm Jan 21, 2010 9:29pm

latropsudoxe
| Joined Apr 2009 | Status: Trader | 314 Posts

Quoting Kas1

Disliked

...got stopped out of my long trade lastnite, was almost at my target too...didnt see that sharp drop coming...live and learn

Ignored

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....