USD/JPY Discussion

Good morning everyone. Looks like a nice response overnight from U/J bulls. Poked just past yesterday's low at 100.77 and trading up. No need to be in a rush to buy this pair. I'm waiting until U.S. close to see if it can close above 101.40. If it can then buying a dip to 101.10 with stop below 100.77 would be a worthwhile trade. Weekly and monthly charts still showing pressure and that is why I don't believe price can go up in a straight line from right here.

Close above 101.50 market confident is back

nikkei -610 yesterday.

It rises a bit higher so we can sell more. 71 % of traders long is a bit ... obvious.

USD/JPY is my favorite pair to trade with. Currently it is down as per weekly/Monthly time frames but it will start going up next week.

Without more negative news, money can't hide in bonds for a very long time it will come out for bigger profits.

Time will tell.

This could be it

Who is that 71%?

After the Japanese trade deficit print this Monday these current levels are an absolute gift to be long. I would , however, love to see it get back to 95 - 96.

my meta trader very busy, how this happen?

71 % of retail traders.

Awfully quiet here must be mostly bears

lololololol

iv been getting shredded trying to scalp this thing lol

tried a short scalp lost
tried a long scalp lost...
back short thinking this is a double top on the 5 min

Just sidelined.

http://i.dailymail.co.uk/i/pix/2012/...53_634x435.jpg

Although Usd/Jpy is in a downtrend on most time frames except the weeklies...the volatility with this pair is exacerbated with the stock market correction going on and bond markets. Going long although is an option is a very untenable one at the moment. Very minimal risk to reward and a high stress trade.

On the technical side theres minor resistance at 101.66 and 102.32 coupled with the Exaustion of the Average Daily Range to the upside of 101.69 Its going to be an uphill battle going long. On the flip side going short seems much more ideal as this is with the trend, although We are about 15 pips away from the Average daily range and theres not enough pips to squeeze at the moment.

This would be my short entry on the 4hr time frame, theres opportunities on the 1 hrly charts as well but if i had a choice between time frames I prefer the longer one as that carries a higher probability than the shorter ones. I will be waiting gor a pull back to around 102.35 and look for short entries. its important to be patient with Usd/Jpy considering the loss ratios this pair deals on a constant basis to traders. Cheers

This is the 4hr chart

Don't scalp JPY unless you really understand JPY and the correlated instruments and pairs.

which index/pairs would you say correlate with it the most? for usdjpy

Nikkei 225, 300, 500, JASDAQ, DOW etc

Market sentiments Risk-on/off

Correlated pairs such as U/J with E/J and E/U etc

Support/Demand/Bids/Offers/Supply don't always work for U/J because the movement of the Indices above

Bear hunting season is open. We will see BOJ with a shotgun searching for noisy bears. And bear will only see BOJ after being hit....

If 101.50 can provide solid support going to add more longs