USD/JPY Discussion

Hmmm.....I can see boths sides of the argument here, and I have to respectfully suggest that Uncle Sam butt out of this dispute because they are obviously one eyed and therefore cannot act as peacemaker. I suggest that China step up to plate and sort this out, I think they are the ones who could wield the big stick and send both parties home to cool off.

We will have to see what happens on Sunday because they called off the drills on Saturday due to bad weather. Could get spicy!

South Korea May Delay Drill; Security Council to Meet

Dec. 19 (Bloomberg) -- South Korea said it may not be able to conduct an artillery drill this weekend because of bad weather, as the United Nations Security Council prepared for an emergency meeting today on tensions in the Korean peninsula.
North Korea warned it will retaliate if the South Korean exercise took place. A spokesman at South Korea’s Joint Chiefs of Staff, who declined to be named because of military policy, made the comments by telephone yesterday in Seoul. South Korea was planning to conduct the exercises by Dec. 21, a spokesman at the Joint Chiefs said Dec. 17.
Russia requested the emergency meeting, saying the Security Council “must send a restraining signal” to North Korea and South Korea and drive diplomatic moves to resolve issues of dispute between them, according to a statement yesterday by Vitaly Churkin, Russia’s UN ambassador. The meeting is scheduled for 11 a.m. New York time today.
Shelling by South Korea “would make it impossible to prevent the situation on the Korean peninsula from exploding,” North Korea’s Ministry of Foreign Affairs said in a statement distributed yesterday by the state-run Korean Central News Agency. North Korea has already said it will “mete out decisive and merciless punishment” if its sovereignty is violated, and it “does not make an empty talk,” according to the statement.
New Mexico Governor Bill Richardson, on an unofficial visit to North Korea, met yesterday with the Pyongyang-based government’s chief nuclear negotiator Kim Gye Gwan and was scheduled to hold further talks with North Korean officials today, CNN reported.
‘Tinderbox’
“This is a tinderbox,” Richardson told CNN’s Wolf Blitzer, who accompanied him on the visit. “Right now my objective is to say, tamp things down.”
A barrage of shells from North Korea hit South Korea’s Yeonpyeong Island last month killing two civilians and two soldiers, setting 30 houses ablaze and scorching 25 hectares (62 acres) of land. North Korea’s firing on Yeonpyeong was the first shelling of South Korean soil since the 1950-1953 war.
There is a chance of rain today in Incheon, the closest major South Korea port to Yeonpyeong Island, the Korea Meteorological Administration said on its website.
U.S. State Department spokesman Philip J. Crowley said the latest planned drill “is a perfectly legitimate step” by South Korea. About 20 U.S. military personnel will be sent to the island to assist, said a South Korean defense ministry official who declined to be named, citing government policy.
China ‘Deeply Concerned’
China said it’s “deeply concerned” about the “extremely precarious” situation on the peninsula, Xinhua News Agency reported yesterday, citing Vice Foreign Minister Zhang Zhijun.
Igor Morgulov, a director of the Russian Foreign Ministry’s Asian department, expressed “extreme concern” over North Korea’s readiness to use military force in a phone call Dec. 17 with North Korean Ambassador Kim Yong-Jae.
“All contentious issues between the two Koreas should be resolved by the resumption of dialogue and exclusively by political and diplomatic means,” said Morgulov in a statement on the Foreign Ministry’s website.
South Korea’s Unification Minister held a meeting early yesterday to review the situation at Mt. Geumgang resort, which is located in North Korea, Yonhap News said, citing an unidentified ministry official.
‘Closely Watching’
The ministry is “closely watching” the situation and is reviewing emergency measures after North Korea’s threat to respond to South Korean artillery drills, Yonhap said.
South Korea issued a warning to civilian ships Dec. 17 on the website of the Korea Hydrographic and Oceanographic Administration.
North Korea doesn’t recognize the western sea border demarcated by the UN after the war and demands it should be drawn further south to include Yeonpyeong and neighboring islands in North Korean waters.
“No one in the world would allow those who drew a line inside other’s court, without its owner’s knowledge, and insist it belongs to them and shamelessly conduct saber-rattling to preserve it,” KCNA said in its statement Dec. 17.
Retaliation to any further attack would include airstrikes, South Korea’s Defense Minister Kim Kwan Jin said on Dec. 3.

Yep.....China is doing a Noda and 'watching closely'.....lol.....

http://www.stuff.co.nz/world/asia/44...h-Korean-drill

Edit: You beat me to it.....what you posted above is more or less what my link says!

Haha, if there's one thing we can learn from Asia, it's to watch closely.

Right it's 2am here on a Saturday night, why am I rummaging through news articles coming out of Asia for lol, money never sleeps I guess.

Catch ya in the Asian session!

It's 2pm Sunday here.....it's hot.....and it's raining!! Good day to be lazy.

See ya!

H4

USDJPY Price Pivot Levels.

I would look out for 84.331 if it reaches that level.
It acted as very strong resistance in the past.

Here's an update of the M5 chart from the end of last week.

At the start of the trading session we saw a sharp move lower to test the ascending trend line which was respected.
We are starting to look which way we will break out, with potential resistance areas marked in red and potential support areas marked in green.
I won't be placing any trades today as South Korea are saying they will carry out live fire drills today with the North promising to retaliate in a deadlier fashion than we saw last month.

USD/JPY M5

Merry Cristmast n happy new year to you. keep on going man..!

Merry Cristmast n Happy new year for all trader in d'world!!!! Trade like a pro, live as a rich!!!!!!

nice analisys...

You too my friend.

Live fire exercises end on South Korea's Yeonpyeong Island citing the Defence Ministry. Source RTRS.

This is the time that North Korea will likely fire an attack if they are going to do it.

Also Roubini is out saying the probability of a breakdown in the EUR currency is 30%.

South Korea began it's exercise 2 hours ago......now the North will have to act if they want to retain their credibility. The South Korean market is already taking a hit....down 1% against the dollar, and stocks down 1% too...

Should get interesting.

(Reuters) - South Korea held live firing drills in a disputed area on Monday despite threats of war from Pyongyang after an emergency U.N. Security Council meeting failed to agree on how to defuse the crisis.
The drill, delayed from the weekend by bad weather, lasted almost two hours with near constant artillery fire, some near and some distant, which shook air raid bunkers on the island of Yeonpyeong. There was no immediate North Korean response.
"I can't exactly tell how many have been fired, some are distant and some are noisy. The bunker is shaking and people here are worried, including myself," said a Reuters witness.
There was no incoming fire.
On November 23, the last time Seoul conducted firing drills from Yeonpyeong close to the disputed maritime border off the west coast of the peninsula, Pyongyang retaliated by shelling the island, killing two civilians and two marines in the worst attack on South Korean territory since the Korean war ended in 1953.
But amid the tension there was also a report of a potential diplomatic breakthrough, with U.S. troubleshooter Bill Richardson winning concessions from North Korea on the return of nuclear inspectors, according to CNN.
North Korea warned last week that it would strike even harder if the latest drills went ahead. China and Russia have cautioned Seoul against holding the exercise, while the United States has backed South Korea's right to hold the drills.
The tension initially hit Korean markets when they opened on Monday, with the won falling nearly 2 percent to a four-week low against the dollar and stocks also down 1 percent in early trade.
But shares recouped most of their losses to close down just 0.3 percent, slightly outperforming the region as a whole, while the won ended local trade higher against the dollar. Some dealers cited the tensions as a factor helping push gold up by 1 percent on international markets.
Sunday's announcement that Seoul would impose a levy on the foreign debt of banks from late 2011 also weighed on markets. The move was Seoul's latest attempt to discourage too much speculative hot money flowing into South Korean assets, a reminder that local markets are bullish despite the tensions.
"The fact that foreign investors are continuing to buy comes as a reassuring sign," said Kwak Joon-bo, analyst at Samsung Securities. "Unless North Korea takes actions that are akin to its artillery shelling of the island, the market will be relatively calm."

POSSIBLE DEAL

New Mexico Governor Richardson, visiting Pyongyang to try to ease tensions, won agreement from North Korea to allow U.N. nuclear inspectors to return, according to CNN which has a team traveling with him.
Pyongyang "agreed to allow International Atomic Energy Agency personnel to return to a nuclear facility in the country and agreed to negotiate the sale of 12,000 ... fuel rods and ship them to an outside country, presumably to South Korea," CNN said, quoting correspondent Wolf Blitzer in Pyongyang.
"The North has also agreed to consider Richardson's proposal for a military commission between the United States, North Korea and South Korea as well as a separate hotline for the Koreas' militaries."

Looks like North Korea have come to their senses.

North Korea Army says it is not worth reacting to provocation from South Korea's exercise. Source: RTRS

Looking at the day so far we can see we are traveling with downwards momentum with bullish divergance near the weekly pivot point.
Both of the descending trend lines have been respected and if the current price action is extended, we will see a break of the weekly pivot at 83.73.
Resistance is currently seen around the 83.81 area.

DSF M1

On very short term, I see we can get to 83.31.