USD/JPY Discussion

Skyhok,

Thanks a lot for your charts. It helps me a lot for comparison purposes. Could you also tell me what is your invalidation point and if possible an alt count in case the bullish view doesn't work out. Appreciate your help..

Seems that USDJPY is all set to test 118.50; however NFP can trigger reversal to crucial resistance zone (120.75-85).

Good morning folks,

On an intraday analysis, this is my humble EW view ( 4hr)

Today being NFP, things can go all volatile, but on a EW technical point of view, we can see the following.

On the major wave 5 up, we have completed wave 1 at 119.93 (hopefully) and we are in a 2 nd wave retracement, in which a and b leg seems to be over and we are on the c leg now. There is a good chance for price to come down a little more to 118.98 which is 50% retracement of minor wave 1. also an ATR support line intraday.
Hopefully, we can see prices go up from 118.98 to a minimum 120.89 which is the FE 100.
122.06 comes in at FE 161.8


On a slightly longer term, ( my view, skyhok has a different view although targets are similar thankfully), We have started a major 5 th wave and out of which we have completed wave 1 and 2 and we are on the 3 rd wave up. The minimum target for this wave 3 is 123.33 (FE 100) according to my charts.Fe 161.8 comes in at 126.61 and there is a possibility for extended wave 3 as well. we will come to that later if it happens.

Here is an intraday chart and a slightly long term chart.

thats what the chart says, not me

UJ 1H Chart:
Cheers, U2

http://www.forexfactory.com/showthre...99#post7983199

Yes, my count could be wrong too, and it gets invalidated if it retrace more than 80% of previous range.
While an alternate count could see the wave [iv] develop into a more sideways flat correction.

Good job data, but dollar not responding well.....strange!

Looks more like Yen strength not Dollar weakness just saying.

exactly even eur/jpy fall 30 pips in last 10 min

Gold up, 10 year US treasury yields down signals safe havens up = jpy up

looks like U/J to be stuck in 120-117 range for up coming months untill Fed provides solid direction for rates

flat - took loss 3

Give it some time !!

Based on measurement with fib extensions on 5 min chart: a re-test of 118.78 is guaranteed.. even lower lows can be expected..

Happy Trades

Could some of your brainies tell me a safe place for a SL for my short from 119.30 ????

I used 119.20 so far.. will try to trail..

Happy Trades

Hmmm no response.. seems everyone is busy with calculating their losses I guess.. so then it's better I move my SL along with Ichimoku-Kijun on 5 min chart as usual...

Happy Trades

Attachment 1586003

Gave up all my gains this week to this movement... at least I didn't suffer a margin call.

it was very easy to see is going to be short (three Drive ) or 12345