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USD/JPY Discussion

  • #64,841
  • Mar 27, 2017 10:23pm Mar 27, 2017 10:23pm
Selling any rallies have worked well for the last few weeks. Will it work again today?

USD seems weak, with DXY poised to lose 99 again.

USD/JPY has strong support at 111.30 level. Shortists should be looking to close at that level and re-monitor situation.
  • #64,842
  • Mar 28, 2017 1:01am Mar 28, 2017 1:01am
usd strength noted, in buying mode now
buying usd in all pairs
  • #64,843
  • Mar 28, 2017 3:01am Mar 28, 2017 3:01am
..Gap fill before the drop below 110..
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  • #64,844
  • Mar 28, 2017 3:07am Mar 28, 2017 3:07am
Quoting PatienceFx
usd strength noted, in buying mode now buying usd in all pairs
what do you base this on mate?
  • #64,845
  • Mar 28, 2017 6:22am Mar 28, 2017 6:22am
PA ready for a nose dive through 110.
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  • #64,846
  • Mar 28, 2017 7:06am Mar 28, 2017 7:06am
Quoting Liquidsnake
PA ready for a nose dive through 110. {image}
I agree. Yesterday the pair rebounded from 110.10, but it looks like today there will be another attempt to break out below 110.10 - 110.00.
  • #64,847
  • Mar 28, 2017 7:54am Mar 28, 2017 7:54am
UJ has been frustrating,

We just broke down (M15 chart) through the 50% fib and are retesting it, I am in my buy zone but let us see.

the fib is a long term daily chart

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  • #64,848
  • Mar 28, 2017 8:36am Mar 28, 2017 8:36am
Quoting swimmax
UJ has been frustrating, We just broke down (M15 chart) through the 50% fib and are retesting it, I am in my buy zone but let us see. the fib is a long term daily chart {image}

I would suggest you wait for a buy. 110 is the elephant in the room, if it breaks your looking for further downwards movment.
  • #64,849
  • Mar 28, 2017 8:42am Mar 28, 2017 8:42am
Quoting Liquidsnake
{quote} I would suggest you wait for a buy. 110 is the elephant in the room, if it breaks your looking for further downwards movment.
my thoughts exactly
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  • #64,850
  • Mar 28, 2017 9:32am Mar 28, 2017 9:32am
Has support turned into resistance? I think so. Multi year support of 111.30 seems to have become resistance (111.40 to be exact), but that's just a 10 pips difference, so I'm just going to attribute that to extension.

Took a short at this levels (111.30), yes, probably crazy in most of your eyes, but remember, when supports (and resistance) break, that's when we see the biggest movements.

Cheers.
  • #64,851
  • Mar 28, 2017 9:36am Mar 28, 2017 9:36am
Pls does any1 hv any idea when Trump will summit his Tax Reform to the congress?

I believe that is the trigger the Market is waiting for,

as as I said b4, this pair will b in a range, buying and selling @ strong support and resistance seems d best approach, until we know what will b d outcome of Trump tax reform
  • #64,852
  • Mar 28, 2017 9:37am Mar 28, 2017 9:37am
Quoting KovanTrader
Has support turned into resistance? I think so. Multi year support of 111.30 seems to have become resistance (111.40 to be exact), but that's just a 10 pips difference, so I'm just going to attribute that to extension. Took a short at this levels (111.30), yes, probably crazy in most of your eyes, but remember, when supports (and resistance) break, that's when we see the biggest movements. Cheers.
And ITM I am.

Hopefully we see 110.20 broken and a quick dive to 110.
  • #64,853
  • Mar 28, 2017 11:10am Mar 28, 2017 11:10am
Have taken 20 pips long from 030-050. Now I have doubt where it might go: 090 or 020. So just sit on 20 pips. I was long yesterday at the end of NY from 060 hoping for 090. But as HK asian starts just TP 5 pips. I will TP as long as it's there. Hoping the support 110 is not broken.
  • #64,854
  • Mar 28, 2017 11:28am Mar 28, 2017 11:28am
Liquidsnake you might be right with the dive. Strong bearish momentum again. JPY is stronger on EUR and GBP and if USD slips there you go under 110.
  • #64,855
  • Mar 28, 2017 11:47am Mar 28, 2017 11:47am
Are you tracking USDJPY? You may expect it to move further northwards before driving southwards. A likely retracement target is the 38.2/50 Fib zone, proximal to the immediate resistance zone on the H4 time frame.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
  • #64,856
  • Mar 28, 2017 1:21pm Mar 28, 2017 1:21pm
Bank of Japan and Fed talking heads when U/J hits critical support lol...
Attached Image
  • #64,857
  • Mar 28, 2017 2:01pm Mar 28, 2017 2:01pm
Quoting FXClarity
..Gap fill before the drop below 110.. {image}
Yep, that manoeuvre plays out time after time.

Gap is now filled at 118.36.

Hope this doesn't come across as being a smart ass but I've seen these plays a thousand times and am just hoping that sharing it with newer traders will alert them to something they'll find useful in their trading journey..
  • #64,858
  • Mar 28, 2017 2:03pm Mar 28, 2017 2:03pm
It'll whip around the gap zone now trampling on traders and building liquidity.
  • #64,859
  • Mar 28, 2017 2:08pm Mar 28, 2017 2:08pm
I used to hate UJ before and love GU but somehow i am loving UJ now
Think Think Think.
  • #64,860
  • Mar 29, 2017 3:27am Mar 29, 2017 3:27am
I expect to see the 109 levels since 110.2 was broken and the price kicked off - there is a good chance to have a bottom @109.5
However, also 110.6 can provide nessessary support to reach 112.5 level
Forcemeat can not be unrolled back...
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