USD/JPY Discussion

I have no open positions in UJ.
I have underwater positions in EJ, and I can just see the ends of their snorkels!

...so I hope Abe wins convincingly

Yeh... BB was pressed for 'exactly when' the tapering will start at his testimony before congress a couple of days ago. Fortunately BB dug-in his heels and refused to say any more than 'when we have more data we will be able to make a better decision', or in other words not yet. However it will only take a few favourable jobs and unemployment reports for the market to start believing that it could be sooner rather than later. Equally a lack of promise from the jobs numbers will indicate that QE continues for a while.

Initial results shows that Abe did not just win but gave him a thumping victory allowing him to bring both chambers under governmental control which means he can pass legislations more easily.

Lets wait for the final news.

What will this mean for the Yen?

Possibly JPY weakness or U/J bullish

Around what time and what website can we know about the gaps?

You can see the current prices here http://www.xe.com/

From NBC: Japanese Prime Minister Shinzo Abe's ruling bloc won a decisive election victory on Sunday, cementing his grip on power but raising the possibility he could lose interest in difficult economic reform and shift focus to his nationalist agenda instead.

Not so sure how positive shinzo abes re-election is going to be for japan especially leaning on the same tactics as 1997 where they rocked japan by raising vat levels from 3% to 5% and 5 years of deflation at -1.8% annually nikkei fell from 20k in 1997 to 8000 by the end of his term and usd/jpy saw new lows. Currency fluctuation is going to be a biproduct of the other markets in here and I only see the nikkei falling from this 15k region as there is massive resistance above what is essentially a permabear market. This should mean rising yen appreciation versus dropping dollar and usd/jpy should resume its overall downward drift. People are so happy with this guy cause the market went from 10k to 15k recently seeing 55% growth and giving him a 74% approval rating which is simply because the market was heavily heavily oversold and with these vat rises he will hit it again sending it lower... his hyper easing policies in conjunction with raising vat rates and increasing fiscal spending may achieve his goals of increasing PRIVATE INVESTMENT but will cause suffering in nikkei especially when it(vat) hits 10% in 2015...

Its easy to take credit for extremely oversold situations that need to retrace a bit for political progression..

LONG TERM VIEW -> Bearish

well...abe won control

market selling off at the moment

here's an opportunity of a bullish strategy.
a long play arround a 100.40/50 entry to target 101.10.

Hello YEN masters

Thought we would see a minor retrace

in the US/JPY an EUR/YEN

Its holding up for now

You can see that it bounced off of the trendline on its initial down swing. I'm just sitting back trying to figure out what it wants to do! I will be looking for longs once we close above 100.20

the triangle wedge on the daily is getting real small...going to have to breakout either way soon

so whats the consensus or opinions for UJ today?

Nearly right.... Abe's wins, convincing; gap-up on open, not as big as I thought; Nikkei surge, ..hardly but up a small amount; Monday droop, quite pronounced; Europe open, well not much happened really.

Which leaves Tokyo close in just over an hour. hmmm....

HH above 101.50 was predetermined last week. Now it just seeks for better price to continue its bounce. Ultimately its going for 102.80/103 from where it will try to continue its weekly correction towards 89.xx.

Got a short on the last wave down from 99.93 to 99.45. Looking to re-enter a short somewhere between 99.6-99.8 depending on how PA plays out over the next 2-3 hours.

right with you

would be nice to break 98 on D1 TF

In with a short at 99.55. Stop loss at 99.85.

Looking for 99