USD/JPY Discussion

You spin my head right round, right round when you go down, when you go down down!

the question here is how low can this go today

23.8% fib around 102,4/6

both nikkei and sp500 at key support right now...see if the correlation has any play on a bounce at these lvls for usdjpy

if we see a 5-10% correction on the sp500 (something we havent seen in a while) then UJ is only just getting started

I posted this chart 24 hours ago and was able to trade the price down from 104 to 103 yesterday. I'm not trading today.

Todstars, I wanted to chip in about your "dynamic support and resistance lines" but to be honest, at least you are trying and you know, whatever floats your boat.. I assume your boat is floating?

Some of the posts on these threads are ultimately so dire they bring tears to my eyes. Things like, "I think it's going to change direction around here" or " it's oversold/overbought". I no longer get angry about these posts. There are so many of them it wastes energy. All I say to these people is do some work and justify your blind calls. You'd get laughed off a horse track for that attitude.

Ultimately, the traders who are going to study charts, put in the work and find out what technical and fundamental analysis works for them are going to get success. Indicators have some value, but should not be your primary tool. I did read somewhere that a good trader can trade off any line. I think it is true. A good exercise for learners, that. Think about it and practise it - I promise you'll learn a lot.

Oh and Magix? Calm it...

It appears to be all over. Personally I am betting that the floor is 100.
Considering my earlier comments to smikester I find it curious that I am in this position.

it looks like it wants to break 102.50 first

According to one oracle the supports are 102.55 101.80 and 100.0
S1 has just collapsed.
If you are not short already then watch....

the pain and horror

I am really glad I closed my long position yesterday right after I saw that it would head into the wrong direction.

bleh...some punts just don't work out...gave up most of profits from the first time we bounced 102.8x to 104.xx...

no week is wasted though...i guess i just pay more for tuition than most

i'm done for this week.
have a good weekend all...

pigish...

102.85/95 some resistance perhaps..

Well my tp hit from 103.5 to 102.55 . wasn't expecting it to drop to 102.00 that quick. Pa is change now. daily rsi still has some room to go.

....in contrast the short on Cable, which I launched yesterday, is now 100-pips in!

I wonder what your 'mate' thinks about your trendlines now??????????

Wha?



I get that trend-lines are subjective and a thousand people if tasked will draw a thousand different lines to try and identify the same thing.

This in itself should dictate to all who are thinking of using this methodology that it is just guessing.

And with buddy calling me a prick because I noted this, makes me, the bad guy?

lol

For those looking at USD pairs in general:

USDCHF


USDJPY

We should go back up to about 103 and maybe 103.5
on the daily chart we could see more losses but on the hourly and 4 hour chart we should see some gains from here.