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USD/JPY Discussion

  • #49,241
  • Oct 21, 2014 5:49am Oct 21, 2014 5:49am
Attached Image

The above chart is 4 hour chart for USD/JPY.
A channel is bounded by pink lines.
A resistance is at 106.80 now (marked with yellow circles).
  • #49,242
  • Oct 21, 2014 8:05am Oct 21, 2014 8:05am
Quoting Alstre
Hi this is my first post ever~~~ would this chart pattern be better instead of the cup and handle? {image}
Seeing no one else answered you - the cup part of a cup/handle tends to have a gradual and rounding bottom. A deep and sharp V shape as you drew it does not the normal definition. Also, a cup/handle will normally appear at the top of a move - indicating a continuation.
  • #49,243
  • Oct 21, 2014 11:31am Oct 21, 2014 11:31am
many believe that JPY is heading down , which it avoids deliberately...to me, if you look h4 chart you can clearly see USDJPY is currently on B line of Elliot waive where it completed 1,2,4,5 and now is drawing ABC where C should bring price to around 107.800 before doing anything else..

i think japanese is reluctant the price to go back this early..
always draw trendlines
  • #49,244
  • Oct 21, 2014 1:05pm Oct 21, 2014 1:05pm
Thank you for replying
  • #49,245
  • Oct 21, 2014 2:44pm Oct 21, 2014 2:44pm
Quoting tk5
many believe that JPY is heading down , which it avoids deliberately...to me, if you look h4 chart you can clearly see USDJPY is currently on B line of Elliot waive where it completed 1,2,4,5 and now is drawing ABC where C should bring price to around 107.800 before doing anything else.. i think japanese is reluctant the price to go back this early..
I think the its headed down whether the japanese like it or not. The US simply has a lot more power to work with, and the technicals are clearly on the side of the US as well. The bounce off of 110 was strong and the upward bounce off of 105.X was weak. Until we revisit the 105 range again I'm not buying.
  • #49,246
  • Oct 21, 2014 3:05pm Oct 21, 2014 3:05pm
does anyone think that this will drop down again lie it did this morning or are we seeing a rise upwards ?/
Phil
  • #49,247
  • Oct 21, 2014 4:19pm Oct 21, 2014 4:19pm
the blind leading the blind.
  • #49,248
  • Oct 21, 2014 4:24pm Oct 21, 2014 4:24pm
Sell it hard with both fists.
The big money is going to come in and smash this thing down to 106.3...at least.
Equities were able to find another bag-holder. Don't let it be you.

Final target in this sequence is 102.26.
Happy hunting!

  • #49,249
  • Oct 21, 2014 4:26pm Oct 21, 2014 4:26pm
Overbought no? time for a small decline?
  • #49,250
  • Oct 21, 2014 4:52pm Oct 21, 2014 4:52pm
Trade balance coming up might have a decent impact. A break above 107.40 exposes a test of 108. To the downside, below 106.30 should see a retest of 105.50.

The Nikkei and other Yen crosses have fallen significantly this month, well below their August lows, but the UJ remains firmly elevated thanks to speculation about FOMC rate decisions. This pair reminds me of a cartoon character who hasn't realized he's run off a cliff and pauses a moment in mid-air before falling to his doom.
  • #49,251
  • Oct 21, 2014 4:52pm Oct 21, 2014 4:52pm
Quoting Orly
Sell it hard with both fists. The big money is going to come in and smash this thing down to 106.3...at least. Equities were able to find another bag-holder. Don't let it be you. Final target in this sequence is 102.26. Happy hunting!
Not before the price strokes daily Kijun, IMO.
  • #49,252
  • Oct 21, 2014 5:00pm Oct 21, 2014 5:00pm
Hi

does anyone know the expected range for the next 24hrs ?? Sorry if this sounds stupid but I am a newbie to this site and have only been trading a short time, any help from the experienced folk here would be greatly appreciated.
  • #49,253
  • Oct 21, 2014 5:53pm Oct 21, 2014 5:53pm
Quoting EDG
{quote} Fundamentally u may be right. But techncally...daily usdjpy has been sliding since from the high of around 109.70s to its present level of 10630/40s. The support around 10590s is just a short distance away... It may not plunge down steeply but it may trickle and erode which is good deterrence atm and there is nothing to stop the bears from carrying it all the way down while they are at it and testing it at its support (which i am quite sure bulls will be standing poise ready to take up the offer and bring it higher). But how high it will...
you make sence,whatch for 105
  • #49,254
  • Edited 6:09pm Oct 21, 2014 5:58pm | Edited 6:09pm
So yeah like I said its gonna drop for a bit since its overbought in the 5 min and 30 min chart and then pullback I guess, but not by a lot from the looks of it.
  • #49,255
  • Oct 21, 2014 6:18pm Oct 21, 2014 6:18pm
it's a shame I missed this downward trend breakout this afternoon.
Lesson learned for future
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.jpg Size: 146 KB
  • #49,256
  • Oct 21, 2014 6:36pm Oct 21, 2014 6:36pm
Quoting yeniful
it's a shame I missed this downward trend breakout this afternoon. Lesson learned for future {image}
Don`t worrie,watch ity come down t0 105
  • #49,257
  • Oct 21, 2014 6:42pm Oct 21, 2014 6:42pm
Hi Brandy

Any timescales to go with that prediction ?
  • #49,258
  • Oct 21, 2014 7:20pm Oct 21, 2014 7:20pm
105 by the end of next month I see.
  • #49,259
  • Oct 21, 2014 7:42pm Oct 21, 2014 7:42pm
just set TP to 107.38
  • #49,260
  • Oct 21, 2014 8:02pm Oct 21, 2014 8:02pm
Quoting bluetoss
just set TP to 107.38
lol im waiting on 107.37 from my 106.76 buy....GL!!
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