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USD/JPY Discussion

  • #57,001
  • May 28, 2015 12:40pm May 28, 2015 12:40pm
Out of all positions here. Will look to re-enter later when there is good r/r again. If this is a major turn, it will probably offer several opportunities to enter and ride on the elephant's back
  • #57,002
  • May 28, 2015 12:44pm May 28, 2015 12:44pm
Price is in a range 2370-2430
Key break R123 for Bears
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYM30.png Size: 38 KB
In trading, you have to be defensive and aggressive at the same time
  • #57,003
  • May 28, 2015 12:45pm May 28, 2015 12:45pm
Usd/Jpy has pulled back from 13 year highs to test downside support zone around 123.50, better entry point might open up later.
  • #57,004
  • Edited 11:41pm May 28, 2015 12:58pm | Edited 11:41pm
USDJPY sale of the year - out of corrective mode and reversing on an impulse wave (c) down.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYH4 28May15.png Size: 60 KB


http://www.forexfactory.com/showthre...86#post8253486

http://www.forexfactory.com/showthre...83#post8290783
Elliott Wave for optimum entry, exit and risk management of trades
  • #57,005
  • May 28, 2015 1:05pm May 28, 2015 1:05pm
Quoting skyhok
USDJPY sale of the year - out of corrective mode and reversing on an impulse wave (c) down. {image} http://www.forexfactory.com/showthre...86#post8253486
Hi Sky
Your outlook may happen if supported by fundamentals like continued red numbers on US economy which would push IR hike further away 2016-17
If the numbers continue coming positive (lots of manipulations there)Market is already pricing in .25 for Sept
We could see 128-130 by Sept if numbers supports it.We had 4oo pips up in a week so getting 128-130 in 3months is not impossible.
Regards
In trading, you have to be defensive and aggressive at the same time
  • #57,006
  • May 28, 2015 1:07pm May 28, 2015 1:07pm
"The current yen weakening in the past few days has been rough. I will closely monitor market moves," Aso told reporters on the sidelines of a gathering of finance ministers and central bank chiefs of the Group of Seven countries in Germany.
  • #57,007
  • May 28, 2015 1:13pm May 28, 2015 1:13pm
Great news to hear about the historic high with U/J... gone were the days when we were sh*ttinh ourselves on here just for U/J to hit 119 -120 zone now it's broken and I think it will move another 1000-2000 pips down... Great pair indeed U/J!! Hope all you guys were able to take advantage of the upside.
  • #57,008
  • May 28, 2015 2:29pm May 28, 2015 2:29pm
first signs of another short swing have appeared in the 5min chart. Need it to go higher though, for better R/R. I want 124.18-20
  • #57,009
  • May 28, 2015 2:39pm May 28, 2015 2:39pm
Better r/r is ... with the trend.
  • #57,010
  • May 28, 2015 4:18pm May 28, 2015 4:18pm
There are trends within a diamond too. Nice potential bearish diamond playing out in a higher timeframe. Suggests another push up to 124.20ish before the bottom of 123.60 is breached to the downside.
  • #57,011
  • May 28, 2015 5:21pm May 28, 2015 5:21pm
Quoting poseikwame
I think it will move another 1000-2000 pips down...
Hi P
Can you elaborate why you think usdjpy will print between 104 and 114?. I have looked at all the timeframes all the way to the monthly and there is (to me anyway) no hint of any serious bearishness
If you think you can or cannot do it you are correct
  • #57,012
  • Edited 7:04pm May 28, 2015 6:16pm | Edited 7:04pm
Quoting Davit
{quote} Hi Sky Your outlook may happen if supported by fundamentals like continued red numbers on US economy which would push IR hike further away 2016-17 If the numbers continue coming positive (lots of manipulations there)Market is already pricing in .25 for Sept We could see 128-130 by Sept if numbers supports it.We had 4oo pips up in a week so getting 128-130 in 3months is not impossible. Regards
Yes, that was the technical EW view, let's see the fundamentals.


Contemplating .............
Attached Image
Elliott Wave for optimum entry, exit and risk management of trades
  • #57,013
  • May 28, 2015 6:22pm May 28, 2015 6:22pm
huge divergence on weekly may keep you away from buying this pair.
  • #57,014
  • May 28, 2015 7:11pm May 28, 2015 7:11pm
Quoting ItsAtrap
There are trends within a diamond too. Nice potential bearish diamond playing out in a higher timeframe. Suggests another push up to 124.20ish before the bottom of 123.60 is breached to the downside.
Sure there are trends if the timeframe you are looking for a countertrend move is much, much lower than the diamond itself.

What timeframes are you looking?
  • #57,015
  • May 28, 2015 7:14pm May 28, 2015 7:14pm
Quoting mehedi529
huge divergence on weekly may keep you away from buying this pair.
Words are good. A chart would be better.
  • #57,016
  • May 28, 2015 8:33pm May 28, 2015 8:33pm
The current EW count on H1 chart appears to be at wave c of wave 4 - with possible target zones:
Attached Image (click to enlarge)
Click to Enlarge Name: UJ.png Size: 42 KB
  • #57,017
  • May 28, 2015 8:35pm May 28, 2015 8:35pm
Attached Image
  • #57,018
  • May 28, 2015 9:29pm May 28, 2015 9:29pm
It looks like now is testing the support at 123.65 if that do not hold looks like going to 123.00 for next support
  • #57,019
  • May 28, 2015 10:01pm May 28, 2015 10:01pm
Heard a couple things floating around. Q1 GDP may be have contracted more than thought of and retail Japanese traders are buying yen expecting a Nikkei top. Sold at 123.80. Good luck to all shorts on tomorrows data.
Be humble or be humbled.
  • #57,020
  • May 28, 2015 10:23pm May 28, 2015 10:23pm
Right now (could change at any moment of course) all 8 Yen pairs that I watch are negative.
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