USD/JPY Discussion

Was anyone quick enough to grab that spike during the statement...woo worked nice for me

Good news for USD- seems like everyone blew their load too soon though. No more room to move up.

I'm L kiwi off support, short jpy off resistance.

Should make that $ back and then some from my bone head move longing euro lol

See you guys soon- thats enough action for me stops and what-not are in my explorer.

New range

Does look appealing to short the next retest above 103 if/when it comes..

Reason being?

Pair seems to be respecting the range …. no reason it can't break out higher though.

You making any plays on UCAD? Hit my target from low 1.06s…. maybe a pause now

This pair is a buy as long as it closes above 102.3. I will buy around 102.5 and SL at 102.3

I am still long from 101.18. What the hell happened today to move the market so much??

Incorrect. The technicals can NEVER be blown... like Pharmor said. Even during the most fundamental scenarios, it is impossible for the technicals to be incorrect. At best, a fundamental event will change the technicals, in which case, you must re-evaluate the market... but the technical picture is never wrong.

I am guessing today must have been FOMC or BoJ Minutes or something like that. While I was expecting this move, I was not expecting it to happen so quickly. Oh well at least I made some pips. I may look to close the longs somewhere around 103.

thing with today there was little volume so that push is likely to be a false break. there's a video and article on dailyfx about it i would post the link but dont know if thats allowed??

Go ahead and post the link. I'm pretty sure you will not get in trouble. I have posted links here before and also seen links to videos, etc. I think worst case, the admins will try to contact you and reason with you, before they go all-out and ban you.

However, I'm not sure I agree with your statement. I think this move is very real and can be sustained. Of course, there will be retracements in the process, but this bull move is just getting started, and that could be the reason for the lack of volume. It's not that the volume is fake. It's just that the REAL, big, I mean gigantic volumes have not come into the market yet. I don't know, I could be wrong. I still haven't looked at a volume chart in months (maybe years now) or the FF news calendar.... rofl

But take a look at some longer-term charts, and you will see that the breakout from this month-long range is still just beginning...

here u go http://www.dailyfx.com/forex/technic...-forecast.html is this guy talking bullshit or not? im not clear thats why im putting it out there.

I very rarely will watch videos or do any of my trading analysis online (other than looking at a chart), but imho, this is an EXCELLENT, EXCELLENT, EXCELLENT video.

Everyone should watch it and understand it, as they truly perform an HONEST analysis on the dollar-yen, USD/JPY, as of today's FOMC decision. One reason why I like the video so much is because they highlight the pros and cons of both sides, both arguments, long or short... and even the do-nothing-at-all argument (which is perfectly valid).

I have heard that DailyFX is a good site and it seems from this video that they are. Perhaps I should check out the site more...

If you want my own personal analysis of U/J, I will provide it here, as I have been doing so for months already... but you must understand that every person thinks differently, trades differently, etc., so there aren't any "wrong" or "right" answers here. The correct decision really depends on you and what you want and/or expect from the market.

With that said, I am not giving up on the bulls just yet. Look at my TE I have been holding on to these trades for much longer than my average length of time. It is because, like the commentator said, U/J is FINALLY beginning to break out of its month-long range, and while it may have been done on a lack of volume (and there will certainly be a retracement), the move is STILL JUST BEGINNING.

Since I am writing this post right now, I have just looked at the market and to be honest, right now, this very second, around 101.8'ish is not a bad place to go long... if you intend to at all. I am not looking for a big trade from here, I would be happy if it just hit 103 or 103.05... but my objective from here is to sell on peaks and we are not at one yet. It is not time to sell just yet... this move has still got way too much momentum... but it may be soon.

I hope that helps and answers a part of your question.

personally im going to wait and see if its drops below 102.80 i may then short it from there but like you im tempted to go long at least to 103 where i took profit earlier. Its nearing midnight here so ill have to check in the morning.

Laters

IMO This thing is preparing for a big move.. probably to 105 or even higher.. The japanese "recovery" is looking very shaky, and the US is taking off. Hmmm..

I mean look at right now, we are in the dead zone between US & Asian markets and the thing is about to hit 103 again.. When asia gets busy and london wakes up this thing could blast off

it looks like 103 will be broken today. the next resistance should be around 103.7

2 key levels i'm watching..

unemployment claims doesnt seem to look good for the pair..maybe breaking 103 again might need awhile