USD/JPY Discussion

New Order

Short @117.20
SL @ 117.41
TP : Open

Price is still bouncing around inside the Ichimoku cloud on the 15min chart. Will stand aside for now until we get a good breakout.

Long taken @ 117.40 - Now we have broken through the cloud. Let's see of we can break resistance...

Stop 117.41

Agree that the break of 117.40 can trigger the pair's up-move towards 117.80 and the 118.50 resistance levels.

New Order

Long @ 117.50
Stop @ 117.14
Tp : Open

Dear Everyone, remember that today is Martin Luther King day. The American banks are shut and NYSE is shut.

Therefore UJ is drifting along the path of least resistance.

..and God bless the soul and memory of this great man. Maybe this remembrance will bring us success today. After all, Martin Luther King tested the resistance and broke through.

Or was it the fact that he touched an overwhelming amount of support? Either way.....

USDJPYM5

Long 117.46

Not much has changed since I shared my descending wedge view.. nowadays it looks like price range will narrow more and more.. but we are still inside the wedge and therefore it is still not clear where price will go.. I am trading smaller timeframes for now and with tight stop losses and small targets (30 to 50 pips)

Happy Trades

a different song from Japan:
http://stks.co/c1VuG

already in short position GJ & UJ, maybe some spike up slightly above 118 but not expecting much here from UJ. looking at the bond yields I woudn't be longing here for sure. the star from the past 2 years is somehow losing its shine, or maybe the audience is tired of UJ. this show (fx) needs a new(or not so new) star.. gold again maybe?

If we look at the 4H chart we can expect that PA will try to push for 4 events to happen I showed in the chart below.

1-The TK cross of ichimoku already happened ( weak sign for bullish strength but still a bullish sign)
2-Now we are expecting Chikou to dive above candles and because the space is narrow there, it will sooner or later also cross both T and K lines (bullish effect).
3-The flat bed of the cloud is our first resistance.. this area is one of our decision points.. will it bounce back from here??? We will watch 117.91 closely!
4-The green line is the 50 sma.. again if price can climb above and stay there trend may turn bullish but it can bounce back from here.

So again.. right now it is early to tell if it go short if solely based on ichimoku. It seems some have more information than me so I respect all theories here since the market is at a very speculative position right now.

Happy Trades

Well the nikkei is rising quickly, could see a break above 118 tonight possibly imo. I went long 117.75 stop at 117.38, tp 118.34. Seeing USD strength generally since sunday. No big crisis headlines in the news currently, but a lot of Chinese data coming in at 9.

Actually I just decided to take profit at 10 pip gain right now, the chinese data is quite important and not going to take the risk on that. Will re enter after 9 pm.

Well, now is testing resistance at 117.850 - 118.250.
sto h1 and h4 is overbought while sto daily pointing up...
upside is opportunity to get short for me.
Short at 118.1sh small lot.
will see how it goes.
TP 115.50
TP2: 110sh

We just passed a major resistance level.. not thinking of shorting yet.. let's see what it does around 118.41.. then 118.92..

Happy Trades

Yes..it is double bottom at h4 too..