USD/JPY Discussion

I don't expect a move lower this week. I think it will get back to these highs early next week, and maybe then it will move lower. That's assuming it corrects tonight and tomorrow. I've been short for a few days now, but finally covering my shorts. This one broke my almost 2 month winning streak. : (

1hr chart is stalled out a bit and on 4hr chart price retraced past previous candle 61.8% retrace. Momentum slowdown, but not ready to say reversal.

BOJ report without any surprises. JPY isn't doing too bad but USD seems to be losing strength.

It seems to have double topped at 101.350 as well. Not sure if 101 can hold.

Sorry I am not a good chartist. But I've been staring at the screen for a few hours earlier and 101.2 was a tough to break resistance, apparently it was broken after I said that but it is now going back down.

A bit of profit taking to start the day

looking bearish on the 4hr wonder how far it's going to go

End of the week and Europeans will book profits from YEN pushed down by BOJ and FED. Like an early Christmas present for them this Friday morning.

There is good support at 100.95.

Picture says: It is time to go UP, again.
I dont see any resistance before 110.

That just shows a very partial picture/image

You are right, but sometimes it is enough.

EUR/JPY - new trading zone - it seems resistance is support now - open the way to 139

Some further thoughts, daily chart.

Still consolidating within a bullish pennant, with a breakout from the 'inner' pennant this week.

I have shown an UTL in the pennant, which is not strictly valid, because the current upswing may not yet be complete, but it is just there as a 'possible/maybe'.

The AB=CD move completed, suggesting a bearish retracement is imminent.

However, the high of 8th July has not been tested yet.

A 127.2% fib extension of AB would be at 101.908, breaking the previous high.

A 161.8% fib extension of AB at 103.57 would possibly look to test the even earlier high from 5th May.

I would like to see a decent retracement from where it is now just to add strength to this.

Now that would be a classic, 3-drives move

Unfortunately, although I drew this a couple of weeks back, I did not trade it, what an ass!

EUR/JPY - sky is limit (the same as USD/JPY)

EUR / JPY
should pay attention to behave of buying or selling
eg. morning European time purchase did not go below 136.10 and just ask was "in"
indication that the price will increase rapidly, as happened today
will probably go test 138.90

Curious to see if resistance at 101.31 will hold or break... If it breaks it might quickly hit the May level of 103.x

UJ went from 99.50 to 101.30 without looking back once. It slipped minorly in between which is normal for intraday trade.
What are your opinions? Is this normal? Will it retrace largely?

Share your views and insights.

USD/JPY has target and correction are usually, there is no rule for correction

look at EUR/JPY, there is no correction just UP and UP to target

You need to remember this is a Euro move, not a Yen one. USDJPY is much more correlated with GBPJPY at the moment rather than EURJPY. All these moves, the Euro, Japanese and even UK news at a push are affecting EURJPY primarily as traders, funds and banks are using the Euro as an alternate investment to the dollar right now.

Technically, we need to break this 101.20/30 region with gusto or a retest and hold to then get up to the 102 S/R resistance on the 4 hour and daily charts.