JPY Cross Pairs

Your E/J and G/J target looks pretty close to mine

I will be looking to go long (heavily) at that point. Still waiting for the selling as well...

I'm hoping to get at least another 10 lots on down there. Should be a nice ride up to 123.50ish

Mon Jan 28, 2013 7:47am EST
* Euro slips from 11-month peak vs dollar on profit taking
* Morgan Stanley recommends investors to buy euro vs Aussie
* Yen firm but weakness to persist on prospects of easing


By Anooja Debnath
LONDON, Jan 28 (Reuters) - The euro eased from an 11-month
high against the dollar on Monday as investors took profits on
its recent rally, although many were seeking to buy it back at
lower levels on growing optimism about a euro zone recovery.
The euro was down 0.2 percent on the day against the
dollar at $1.3435, slipping from the 11-month high of $1.3480
hit last Friday. Traders cited option expiries at $1.3400 which
could act as support in the near term.
While sentiment towards the euro has picked up, it will face
a series of major resistance levels before $1.35, including its
2012 high of $1.34869 and the 50 percent retracement from the
high in May 2011 to the low in July 2012 at $1.3492.
"After such a strong move up (in euro/dollar) it is normal
for markets, at least in the short run, to not see much
additional buying and see some profit-taking," said Ulrich
Leuchtmann, head of FX research at Commerzbank.
"There is still some room for euro to go higher, but the road
upwards will be characterised by bumps, pauses and even by
corrections."
The euro rallied on Friday after data showed European banks
plan to repay more than expected of the loans they borrowed from
the European Central Bank during the debt crisis, indicating
growing confidence.
German data also provided evidence that Europe's largest
economy is gathering pace after contracting late last year.
The European Central Bank is the first major central bank to
start winding back some of its unconventional monetary policy
measures, unlike the U.S. Federal Reserve and Bank of Japan,
which are buying bonds open-endedly to stimulate growth. More
stimulus usually weighs down on a currency as it increases its
supply.
Positioning data on Friday showed speculators had increased
their net long euro positions, while bets for further weakness
in dollar rose to its highest since the week of Oct. 2.
In the options market, traders reported demand for euro
calls, which are bets on more gains. The one-month risk
reversals traded at 0.1 vols in favour of euro
calls, having flipped from puts towards the end of last week.
The euro was particularly strong on the crosses having
touched a fresh 8-month high against the Australian dollar
of A$1.2950 and a 13-1/2-month high against the
British pound of 85.56 pence on Monday.
Morgan Stanley in a note recommended investors buy the euro
against the Australian dollar, targeting it to rise to A$1.3400,
with a stop loss at A$1.2600, as more investors, especially
those in Japan, look to buy European assets.
The euro rose to a 21-month high of 122.91 yen,
but slipped to trade down 0.3 percent on the day at 122.02 yen.

YEN WEAKNESS
The dollar also eased against the yen, but traders and
strategists said the yen was likely to weaken again on the view
that Japan's government will keep up its push for aggressive
monetary easing.
The dollar was down 0.1 percent against the yen at 90.81 yen
, with traders citing bids at 90.50 yen which could act as
support. The dollar climbed as far as 91.25 yen, its
highest level since June 2010, before retreating.
"The rally in dollar/yen is driven more by speculative
positioning rather than fundamental change," said Adam Cole,
global head of FX strategy at RBC. "At some point markets will
demand action rather than words but it is too soon to position
for that."
Increasing rhetoric from Japanese authorities that they are
open to the dollar rising to the 95 yen level has helped weaken
the currency further, raising eyebrows abroad and sparking talk
that it is triggering a currency war.
The yen's weakness also stemmed from a rise in U.S. bond
yields, with which the currency has a close inverse correlation.
The 10-year U.S. bond yield shot up on Friday,
helped by optimism on the global economy.

All good mate! Hope you are doing well.
I'm currently short EJ, but looking long-term long.

Nice! Good to hear bro

Yesterday pending order Initiated.

Currently in profit, will leave one running, another closing soon!

TP +25. Another trade, SL moved to BE, letting it run free...

the whole trend is up! why taking a risky trade.

Because good resistance? Retracement on card?

I too am short teh AUDJPY USDJPY on Divergence....
if only the god damn japs could stop bickering about already known shit. about how they want to defeat deflation and shit... All Yen crosses SHOULD pullback.... its way overdue now.

I am short 122 EJ too.. EU cant break 1.345/6 for few times.. Hope is retrace to 1.339 area..

Long EJ...target 122.30

Looking at daily theres a potential for EURJPY to drop back down to retest 119.56 on RSI divergence.
but i guess you have ur reasons.

You're right. Got out with a little Profit. Too risky. Btw, how do you put a Link to your Signature?

i think forexfactory banned it... i just tried to add another link to my signature and i got a warning message saying BBcode URL is not allowed.... sooo i guess Forex factory turned off allowing link on signature to prevent people from advertising stuff....

So i've removed mine just now.

I think FF is too strict. Not sure, but it seems People are leaving and going to other Forums.

Why 119.56?

If it drops to the lower TL shortly, it will be around 120.00

My train of thought now is to be careful thinking about short trades...instead I will buy dips until the largest cycle sine wave has stalled, tops out and starts to roll over. Until then I will enjoy the easy money on the long side by keeping my time frame tight.

I am learning to enjoy trading in an easier fashion by simply looking at the sine waves and how the confluence of cycle waves influence the price action.

If you pull back to large time frames you will see why the Yen pairs have so much energy...all the waves are moving in the same direction...upwards. Pretty simple concept, Buyers of all time frames are Long, hence the relentless Bullish surge.

This chart has several Hodrick Prescott Filter periods plotted on the price chart, beginning with 10 and ending with 720. (10, 20, 60, 120, 240, 360, 720). I have chosen to use the HPF indicator over all other methods of measuring price because of its smoothness and ability to round off nicely, showing trend changes. Some people hate the HPF for various reasons...I have learned to use it in a fashion that makes it useful. This chart also has two dark blue Triangular Moving Average indicators from the indicator Extreme TMA and I have eliminated the bands. Periods of 20 and 60 are used for these two indicators with a trend being illustrated by the color of the trend line with a trend qualification of just .25%. Upward trend is Red, Downward trend is Blue. The Neutral area is shaded bright green highlighting the entry point, either long or short.

Bottom indicator panels are Ultra RSI with a source being the various HPF indicators so that I have created a very simple illustration of exactly where the cycles stand in trend direction. I prefer to use the top three heatmaps as a signal for the first position to be opened for a Scaling IN/OUT method. We can add additional lots as signals show themselves. Then we can follow the trend or close a position depending on how the remain four heatmaps show trend directions.

This is one very effective and simple way that I trade. You can open a chart at any time and instantly know where a pair stands in any trend. It can be traded on anytime frame with any pair. Users don't need to worry about different settings...Scalpers, Swing and Position traders can use this type of trading with ease. I would rather trade with limited drawdown, with a trend and eliminate the strain of trying to interpret the price action, hence this methodology.

Good luck to ALL,

Thanks,

sjc

target would have been hit now