Jpy Huh ! | Forex Factory

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Jpy Huh !

  • #1
  • First Post: Sep 7, 2006 4:09am Sep 7, 2006 4:09am
Hello guys

Any idea why JPY became strong ! while there's no news
USD/jpy fallen up to 100 pips !!!
Charting Markets into the Future...MǎҖ€¥.
  • #2
  • Sep 7, 2006 4:15am Sep 7, 2006 4:15am
05:01HEARING G7 TO DISCUSS THE JAPANESE YEN - - - USDJPY COLLAPSES after putting in a high over 117.00
In trading, there is no bullshit. You either make money or you don't.
  • #3
  • Sep 7, 2006 4:18am Sep 7, 2006 4:18am
DOLLAR-YEN:

Plummets from Y117.00 to Y116.50 after comments from the
German Deputy Finance Minister.

And the comments were:

Quote
GERMANY DEP FINMIN:

- G7 FinMins will talk about yen weakness at upcoming eeting
- Chinese currency will also be theme of G7
  • #4
  • Sep 7, 2006 4:18am Sep 7, 2006 4:18am
it might not fall below 116.00.
  • #5
  • Sep 7, 2006 4:20am Sep 7, 2006 4:20am
Quoting Purple
DOLLAR-YEN:

Plummets from Y117.00 to Y116.50 after comments from the
German Deputy Finance Minister.

And the comments were:
so why this news didnt included at FF clender??
Charting Markets into the Future...MǎҖ€¥.
  • #6
  • Sep 7, 2006 4:20am Sep 7, 2006 4:20am
The technicals clearly showed that the pair was going to fall, stochastics were overbought on all time frames. I'm sure this upcoming Fridays news might be causing traders to protect some profits. Hope you shorted both the EUR/JPY and the USD/JPY. (I did)
  • #7
  • Edited 4:33am Sep 7, 2006 4:22am | Edited 4:33am
Here's a bit of info for those who are interested:

German Deputy Finance
Minister Mirow says G7 finance ministers will talk about JPY weakness at the
upcoming meeting. EUR/JPY has fallen 70 pips in the wake of the remark and is
now around 148.80

At point of typing: Check out USDJPY (just bounced at S1 and 200sma 4hr) and EURJPY (just bounced at S2 and 200sma 4hr)
  • #8
  • Sep 7, 2006 4:28am Sep 7, 2006 4:28am
Connect the 1h lows on USDJPY with a trendline....
Then connect the Daily/Weekly Highs with a TL down....

Edit: Squeezeout was the prior move, we actually just hit the underside of the Trendline/Channel...attaching pic to explain..

Had nothing to do with news, but people always need an explanation other than technicals so they can say "yea, it was that"....
Attached Image
Trust price. Know yourself.
  • #9
  • Sep 7, 2006 4:51am Sep 7, 2006 4:51am
As long as the price moves, it doesn't matter whether it's triggered by fundamentals or technicals. A technical might say it moves because of trendline, S/R, Fibo, .... and at the same time, a fundamental might say it's due to someone commenting on something. Both are correct. If your method of analysis works more often than not, you're fine.
  • #10
  • Sep 7, 2006 5:04am Sep 7, 2006 5:04am
Quoting SeekingLight
Connect the 1h lows on USDJPY with a trendline....
Then connect the Daily/Weekly Highs with a TL down....

Edit: Squeezeout was the prior move, we actually just hit the underside of the Trendline/Channel...attaching pic to explain..

Had nothing to do with news, but people always need an explanation other than technicals so they can say "yea, it was that"....
That's the beauty of simplicity, no system needed, just pure pa. No whys, no ifs...only when..
Sell resistance, buy support..
Attached Image
  • #11
  • Sep 7, 2006 5:08am Sep 7, 2006 5:08am
Same thing happened for AUDUSD and even though they had some job report or so during the night....

It's always techs that keep things contained and give direction...

Raczekfx is right as usual

Pic for AUDUSD reaction to former TL support turned resistance attached
Attached Image
Trust price. Know yourself.
  • #12
  • Sep 7, 2006 5:11am Sep 7, 2006 5:11am
Quoting raczekfx
That's the beauty of simplicity, no system needed, just pure pa. No whys, no ifs...only when..
Sell resistance, buy support..
Great chart. This has to be a classic, textbook example. Wish I had been paying attention to this pair. Beautiful example that should be seen by all newbies if they had not gotten that message about support and resistance before.

What a great example of old support becoming new resistance.
  • #13
  • Sep 7, 2006 5:16am Sep 7, 2006 5:16am
COOOL charts, no indicators.... Pure price action
Charting Markets into the Future...MǎҖ€¥.
  • #14
  • Sep 7, 2006 6:16am Sep 7, 2006 6:16am
Quoting MaXeY
so why this news didnt included at FF clender??
Because its not a scheduled news/report release like FOMC/NFP.. it was comments he made and market reacted to it.

Just like if Bush makes a comment now 'I will invade Iran, no matter what it takes!' than ofcourse USD will react to it.. FF cant include it in its calendar..
  • #15
  • Sep 7, 2006 6:49am Sep 7, 2006 6:49am
Quoting MaXeY
COOOL charts, no indicators.... Pure price action
Now i know why most people say "TREND LINE IS YOUR FRIEND".
The trend line can show you until where the price will go down or up.

" master your setup, master your self "
  • #16
  • Last Post: Sep 7, 2006 1:52pm Sep 7, 2006 1:52pm
for all you nice news traders there should be good straddling opportunities on any comments made after the G7 meeting...
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