JPY Cross Pairs

Me too bro and that's the test.

I'm in a rather ummm....do or die situation now. So I need to prove to myself I can really do this before deciding to sell everything I have to fund an account to make a living from. My biggest fear at this point is, will there even be a FOREX a few years form now...LOL

I completely understand about needing a bigger account. You ever thought about finding somebody with capital and working out some sort of arrangement with him?

What's quicker, saving $100k or borrowing $100k? (just a thought)

LOL.... unfortunately, I just don't hang with that kind of crowd....

Got a $100k I could borrow?

Sent you a message...

Got it. I'll reply when these trades are done for the week. Gotta watch em closely right now.

No worries, take your time my friend

Hi 100pips,
I see u r a fan of eaud, appears she found support http://www.mql5.com/en/charts/78161/...apital-markets what do u see.. sorry this jpy thread

Japan Confirms Three Doves To Run The Bank Of Japan

Peter Brieger, Agence France Presse
Mar. 14, 2013, 11:52 PM | 431 |


Japan's parliament on Friday approved a new central bank management team that is widely expected to support the government's demands for more action to stoke the world's third-biggest economy.

The upper house gave the green light to Haruhiko Kuroda as Bank of Japan governor, with the finance veteran and long-time BoJ critic seen as likely to launch aggressive monetary easing measures, after his predecessor drew heavy criticism for failing to turn around Japan's fortunes.

Lawmakers also approved the nominations of Kikuo Iwata and Hiroshi Nakaso as Kuroda's deputies, with all three clearing the vote hurdle with comfortable margins.

Japan's leading opposition party had warned it would vote against Iwata -- a strong supporter of monetary easing and of giving Tokyo more control over the independent BoJ -- but his nomination passed by a count of 124 votes in favour with 96 votes against.

The BoJ's new management team, which was approved by the lower house on Thursday, is expected to take up their positions next week.

Prime Minister Shinzo Abe nominated the 68-year-old Kuroda, viewing him as a kindred spirit likely to back the premier's prescription of big spending and aggressive monetary easing to drag Japan out of years of deflation that has crimped private spending and corporate investment.

During parliamentary confirmation hearings, Kuroda vowed that he would do "everything possible" to reverse years of falling prices, while criticising previous BoJ administrations for failing to fix the problem.

"High hopes are resting on the ability of the Bank of Japan's new leadership to revitalise the economy," said London-based Capital Economics in a note.

The yen was little moved by the vote, but the currency has been under pressure for months on easing speculation after Abe's administration swept to power in landslide December elections, pledging to fix the economy and install like-minded leadership at the Bank of Japan.

Kuroda, who has announced his resignation as head of the Manila-based Asian Development Bank, may have limited options, however, after the BoJ in January announced the launch of an unlimited easing programme and the adoption of a two-percent inflation target aimed at beating deflation.

The asset purchase policy is similar to the US Federal Reserve's unlimited monthly bond-buying scheme, known as quantitative easing.

Kuroda's proposal to buy longer-maturity assets and bring the unlimited asset-purchase plan forward underwhelmed markets. Analysts are now looking to the new BoJ team's first policy meeting next month.

The outspoken Abe clashed with Shirakawa on policy matters, previously warning that he might change a law guaranteeing the bank's independence if it did not follow his policies, stirring protests from central bankers abroad.

I'm still bearish as of right now, but keep in mind I'm looking at this from a Swing Trader perspective.

Current Open Positions

If you are LONG any of the JPY cross pairs, or are looking to get long, right now might be a good time to add new positions due to the pull back.

*H1 Williams % is showing over sold

Decided to add a few more long positions on AUD/JPY and CAD/JPY.

If S&P500 keeps going down finally triggering that anticipated pullback then UJ will likely follow for a deeper retrace itself. Tricky place we're in right now.

That is definitely a possibility, however, S&P as well as USD/JPY are in strong up trends so the best thing to do in my opinion is to buy the pull backs. As long as you don't over leverage then price can move against you without it being a problem.

1st target 93,20

2nd target 90,00 (maybe)

http://1.bp.blogspot.com/-HuoH0W8WPd...15032013_2.png

Hi Alvar,

We've got some pretty significant support at 94.50. If this level is broken then yes we could see more room to the downside.

Good luck with your trades

Also next 2 weeks is the end of Japanese financial year, last year on Thursday and Friday there was large demand for Yen. Don't exactly know if it will have the same effect this year though.

You're right about the end of the Japanese fiscal year, however, I don't see JPY strength like last year due to the fundamental factors that are taking place at this time. I could be wrong though...

Only time will tell!

hello!

Curious to know what your target is?

93.86 tp as shown on hr 1 chart. Let see!!