USD/JPY Discussion

The next few trading days should see some profit-taking in the yen crosses, particularly the Pound/yen.
That movement will probably drag down the UJ before it continues its romp higher.

Maybe a small dip and that is maybe but it should continue to see 110 in 2014

This is a copy of my analysis from my blog I write daily on currency pairs I track - to visit my blog, please checkout my profile
USDJPY Daily and Weekly Outlook for 30th December, 2013 (MONDAY)

Weekly Chart

http://1.bp.blogspot.com/-QGhaAwTTm0...2-30_11-15.jpg

USDJPY - Weekly - 2013-12-30_11-15.jpg

1. Trend is Bullish
2. Weekly candle is bullish
3. Stochastics is overbought but still going north (slightly)
4. RSI is near overbought
5. Clear break upwards from previous yearly high,
6. Long term descending trend line is near together with 61.8 retracement level

My view long term is bullish and will break out of the descending trend line. It appear to me that we are starting the C to D leg.



Daily Chart

http://2.bp.blogspot.com/-dldK6CX_R2...2-30_11-15.jpg

USDJPY - Daily - 2013-12-30_11-15.jpg

1. Trend - Uptrend
2. Stochastic although overbought, still going north
3. RSI reading is above 70
4. Currently trading just below the 161.8 fib ext from the candle which broke the resistance - this might hold as short term resistance,

On the Daily Chart, it tells me it still wants to go north , and for real shorting opportunity I would be looking at the 200fib ext. Currently trading just below the 161.8 fib ext from the candle which broke the resistance - this might hold as short term resistance, and maybe could have scalping opportunity for shorts in the hourly of lower.


My view is that market should go up to the 106's , how it gets there is either we shoot up there, or retrace and test the breakout level at around 104.30 before going up



Hourly Chart

http://3.bp.blogspot.com/-H2Y2ZNYw-X...2-30_11-15.jpg

USDJPY - H1 - 2013-12-30_11-15.jpg

1. Trend - Bullish
2. Stochastic is pointing down from overbought zone
3. RSI also pointing down from overbought zone
4. We might want to retest breakout area from Friday which is also the Daily Pivot line 105.0

On the hourly shows good breakout from Friday, We might have a breather and retrace to retest the 105 before going north again.

Outlook Trade opportunity
#1 - Long at Daily pivot 105.00 with confirming price action.
#2 - For aggressive traders - currently opportunity to short and target Daily Pivot area (because of the indicators pointing south and price action early asian session)


Risk Level Medium

Tips -
Always take note of any economical news event on our provided calender belo

Bought more here. Stop 105.20.

The pending sales report news says U/J might go down after the actual data reveals, well I longed it since 105.4 and it was my not so good move. Well, my environment tells me UJ is going down and it might even reach 105.0 but my inside tells me to stick with my plan. Hope my inner is right again this time!

looks like a HnS pattern forming at top of channel

I got a feeling this is going straight to 106

adding new long is risky, retrace to 103 would be better to enter

I would not not add longs now but shorting also looks bad.

short is ultra dangerous

call me johnny dangerous

Wish you good luck Mr. Johnny Dangerous... How much u expecting ?

Waiting on retracement to hit 105 or 104.60+ before triggering buy orders.

Major profit taking at this level before buying at dips.

Mr. Johnny Dangerous's courage is paying off at present

waiting for it to pick up some steam and tank, shorting from 105.34

retracement to 103-103.50 would best bet to go long i guess.

104,20 is a must IMO

I think its better to add longs in parts at 104.30,104,103.50,103. What would be SL ? I am open to hold.

SL is a recent high, I am not considering longing this pair, its overstretched, but what do I know