JPY Cross Pairs

im not into this pair, but EUR/JPY seems to form a H&S formation

Which time frame are you referring to? I'll try and post a chart.

GBP/JPY

Just posted the following in "Geppy's Geppy Thread (GBP/JPY)":

We might be looking at some sort of correction in the coming days / weeks. As you can see we have a shooting star on last week's candle and this week is also forming a shooting star.

If week remains unchanged the two weeks could be "tweezer tops" which is telling us that we could be in for a possible interruption of our current trend. I am of the thinking that ALL of the JPY cross pairs are in need of some sort of correction.

I have two possible areas of support assuming we experience a correction in the coming days / weeks:

1st Weekly Support - 139.20
2nd Weekly Support - 132.75


My opinion is that we will only get to the first support below which is 139.20.

USD/JPY is also forming a similar pattern from a weekly perspective.

http://www.forexfactory.com/attachme...8&d=1360733602
http://www.forexfactory.com/attachme...9&d=1360733602

Here is the EJ chart

here is a possible contracting diagonal forming!

at least i wait for a test of the lower TL

Disclaimer: i´m short on AUD/JPY

prey for today CHF and EUR, wolfs herds are USD,CAD + maybe JPY

BOJ boys using the last resources to drive the pairs up, but i can see mixed interest; we may see a retrace, i would short here, but still affraid

the;re affraid of SNB, which surely wants to take back the blns lost in the yen fall, lol

ok, short [email protected] , i'm tired to see this bi**tch above 125. [again ]

I took a short yesterday at 125.40
Moved stop to 124.75 at this stage. Could be looking at a bearish wedge on 15 minute. I think it will drop lower. I'm looking at 123.50 as the next level of support. It might coincide with the uptrend line.

Out of shorts and now long. Looks like 123.88 is support for now.
Edit: stopped out.

And reversed short on EA as well. No more posts like this from me. I'll give more analysis.

Edit: Close this trade with a small profit. Going to sell the Eur/Aud

Currently long Eur/Jpy @ 123.72

According to my analysis I'm seeing 3 different trend lines acting as support around this level.

The long trendline of the previous few weeks. The 123.4 level that was the previous low, and the yellow trendline marked by previous highs and lows of the past 3 weeks.


http://scottbprice.com/wp-content/up...013/02/t28.png

Opened a short position on the Cad/Jpy pair @ 92.9

Not sure if we're gonna break past the 92 level but it looks like we're headed back down to retest it.

TP @ 92.3

I did a little work with some digital filters in order to get some perspective from this past weeks "action". My initial bias on this particular pair is a bearish move to the VWAP of 144.30 before resuming upwards. If the price on the starts holding below that figure it would certainly have my attention.

sjc

I see the EuroYen overvalued compared to the Vwap and the previous Points of Control. 124.40 seems to be Fair Value. In respect to the KiwiYen, it shows the most strength of all the Major yen crosses and shows to have closed at Fair Value last week. Current price for KiwiYen is to be respected with the best case for bullish behavior.


sjc

Oh.. sadly im the contrarian. Prefer to see a MACD crossover, RSI overbought, and failure to rally after a good retail sales data. =)

In reference to the continuing trend of US Dollar strength (due of course to the prevailing trend in JPY weakness), I see the FXCM US Dollar Index continuing through to 10,428 which in turn will lift the USDJPY pair upwards to 96.00. That is IF will continue on this trend, which I do think will prevail through the 1st quarter of 2013. So in turn, even though it sounds counterintuitive, the EuroJpy will continue on its bullish path and the remainder of the stack (lone exception may be the GBPJPY) shall benefit in a tentative fashion. With all the pairs hitting yearly highs every other day, profit takers will impede the bullish progress until we hit a final wall and exhaust all possible buyers. Then all normal thought processes, correlations, projections, analysis will cease to exist as we may go parabolic in either direction.

Top attachment chart is the latest projection.

Bottom attachment chart is from last December, obviously prior to Japans version of QE. Thought process was that each currency goes through a cycle to "rebalance" for the sake of international trade purposes. Neither currency can get too "strong" aka weak value and vice versa (overvalued versus the counter currency). Us led the way and shown the world a blueprint on how to export its debts...Japan follows suit...now they both are too strong for trading purposes and need to rebalance as I put it. Japan's stock market is booming and its currency will need to continue its weakness for this to continue. The USD will strengthen as a default. Hence the conundrum.

So we are in my opinion near a topping out before heading downwards for the USD. It is a fundamental fact that we all know how badly the US Admin wishes to see the dollar weaken in order to be more competitive in export industry so give it time and we shall see how much further they will let the USD strengthen before stepping in to intervene, again.

Just my opinion.

sjc

Agreed, looking to buy the dip on NZD/JPY as it's the prettiest girl on the pageant. Goal 89.

Emanuel..

We might not get a dip...

cheers hitman...w/ regards to GBP/JPY on the weekly time frames I'm looking at a possible 162 in the long run w/ room for correction.

Emanuel,


Yes I agree with the GBP/JPY trade. However I feel theNZD/JPY might be a little better because NZD just said Friday they will NOT doany QE...Not many governments want a strong currency now...but the GBP alsolooks like it’s in trouble as well. Either trade should work out just fine..