Daily EUR/JPY analysis

You think it is going to break down? Soon?

Its hard Barrier to break into 150, but everybody know that. But what i know is that with my exsperiance with the Eur/Jpy and studying its movement over the years. Its not gona back down untill it breaks through. Its not like the EUR/USD Currency where after hitting a barrier for to long it gives up. The EUR/JPY will keep bashing and bashing untill it breaks through and run out of steam on the other side. so my answer is Yes it will break through but if you have worrys that it might go down just place stop at 149.65 but i didnt enter it the first time it was hovering below the 150 area because i knew it wouldnt have enogh strength the first time and it didnt so it sunk back down to 148 but this time its going through it wont back down!!

Nothing is certain in the markets, nobody and no system can predict future market movements 100% correctly. There is a chance that it might break 150, but there's also a chance that it wont.

Well Palabara I'm with you on the the Long for now, although I do not understand how you can be so certain we will see the Euro Yen head above 150. I entered Long on Sunday simply because my system gave a signal. I have no idea whether or not it can break 150, but when I get a signal I take it without any thought involved. I will exit when I get an exit signal. No sooner or later. Sure sometimes I'm wrong, but I have to remain consistent with my trading to remain consistently profitable. I realize there are some truly great discretionary traders, but it simply doesn't work for me. I give major props to those who are discretionary traders and are profitable. I lack the discipline so I had to force myself to be disciplined. The only way to do that was to follow concrete rules no matter what. Whenever I abandon my system I crash and burn. I guess every trader needs to find what works for them.

If EUR/JPY heads South I'll exit on my signal or when my stop is hit and wait for a short signal. I can actually be wrong 3 out of every 4 trades and still be profitable so I'm not overly concerned about what will happen.

With all that said, we'll simply have to wait and see what happens. I have watched several chat rooms and am always amused at how there are people on both sides of a trade that are absolutely certain they know what is going to happen next. No one can predict the future movement of any currency, we can only forecast and use good money management to get through the times we are wrong.

My crystal ball tells me it is going down baby down. So I just went short wth 80% of my account. My crystal ball is never wrong. No wait just a second no my crystal is now tell me it is going to brake the 150 mark and go about another 100 to 200 pips. No now my crystal ball tells to go short. Oh I so confused bad crystal ball bad.

While my crystal ball is sometimes just a little finicky.

While I just flip a coin cause always work heads (it will go up) Tails (it will go down) Aw tails it is so it will go down. My crystal ball was right the first time. Good thing I went short :}

After reading you guys for a while (under a diff name) I know a lot ofyou are technical junkies, but if there is a fundemental person out ther, can someone explain this massive move over the year of the EUR/JPY
its not oil like the CAD/JPY, its not the cary like GBP/JPY
euro intrest rates are no longer as hawkish as they were, and with the Japanesse economy looking stronger than it has in years, what is the reason for the move?

Fdisk can i barrow your Crystal ball when your done with it and your coins also!! and please rub it against your Arm pit for good luck!!

Whatever...

5 ema remains above the 12. I'm still long from yesterday. Pair trading around 149.92ish at 6:38 pm est. One year ago, close was 135.19ish and it just keeps trending bull-ish.

BTW, who needs a crystal ball? I consulted with Stevie, Ray, and Helen and they all concur.

I went long based on TA. However, I will admit to tightening my SL in light of the Japanese news announcement coming out at 7:30 pm est.

Why? FA. If spending is down, savings is up, thereby mitigating against higher interest rates three months removed from the ZIRP? Thus the Yen becomes less attractive and could fall pending the news. Now comesj the newstrader in expectation of a minor move on the news.

Just information; not a recommendation.

If I had a forex system that was never wrong I would only be in forex for 3 months.

Needless to say I have shorted it, with a sensible risk reward ratio. If it goes
up to 150 before coming down again it doesn't bother me too much. The only thing that can happen if it goes supernova bull and never retraces, then I lose, but not much. I think for me short is a good value trade, within my risk reward ratio.

yep, shorted today at 149.77 after seeing the pair unable to push through prices since yesterday. Stop loss slightly above 150! good r/r, so it's okay if the pair breaks through, =)

And again, the symbiotic relationship between FA and TA wins in the end.

Bah, my stop got hit by the spike!

my stop was at the top of the spike... lesson learned here.

my stop didn't get hit by the spike but I had to go to bed and was too greedy with my limit missed out on 60 pips, so I'm still short.

We all learning. Have another sell limit order above 150.03, using very loose stop and willing to ride out some ups and downs i.e not risking 80% of my account on this trade.

Its your money, we all have to walk a thin path to learn the good and the bad.

momenatarily broke 150 but hovering under right now... looks like tons of offers and option barriers here

I have been trading the eur/jpy cross religiously for the past three years. Lately in the past three days we have seen the cross reach consecutive new three day highs, I don't know but I would assume a lot of traders lost shorts in the past few days at the 149-149.50 areas. What a surprise in the pair, when I originally began trading this cross it was its simply traded with simple moving average cross systems on the 15 min charts because it was famous for being a tight range bound cross. A lot has changed though in the cross over the past year though. It has been in a mere 1000 pip uptrend from the 14000 area lows in mid May. I was just wondering if there was anyone else who has noticed the new tendencys of the eur/jpy and what they think about is going on currently in with the cross.

Well none of this is really Suprising, Dosnt look to bright for the US Ecconemy with "Inflation" Being the Key word. And the EUR/JPY well nothnig good has been coming out of Asia in a long while now and the EUR keeps on its bulls trend just add it all up togather and see what it all comes on to against the cross currency and where it is headed.

Palabara,

Please allow me the privilege of giving you your props on calling Eur/Jpy breaking 150!!!