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  1. #1
    Specialist Member RCox's Avatar

    USD/JPY Griding through Fib Support at 97.15 !!!

    I have posted a bullish CALL for the USD/JPY on a weekly basis (once prices fall to the low 96s) but we are still well above there and shorter term, the bias turns bearish on a clear break below 97.15. This area marks the 38.2% Fib retracement of the rally from 92.60. We have already seen a spike break below this area but prices rebounded before looking heavy again now. Prices are unlikely to find any real buying for another 100 points on a second violation, so look to enter into hourly PUTS in the USD/JPY at 96.95.

    Two events could turn the bias: A break of the downtrend line shown in the chart, or a fall back into the low 96s (which is near longer term historical support). If the latter happens, the bias flips to bullish, with CALLS advised on a weekly basis.

    Click image for larger version. 

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  2. #2
    Veteran Member Dan21's Avatar
    The down trendline is already broken, the price is not at 97.60 and I think the price action now looks more bullish than bearish, so I will wait for the next retracement lower to buy a daily call.

  3. #3
    Specialist Member RCox's Avatar
    Quote Originally Posted by Dan21 View Post
    The down trendline is already broken, the price is not at 97.60 and I think the price action now looks more bullish than bearish, so I will wait for the next retracement lower to buy a daily call.
    96.95 didn't trade, so there was no break of the support level. Trade signal wasn't triggered.

    Its not very useful to say "I think price action looks bullish" without explaining your argument.

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  4. #4
    Legendry Member Michael Hodges's Avatar
    The yen is in a stabilization period as the markets adjust to recent policy change and factor in future global conditions. I think the yen could fall through support on short term bearish pressure until the next the BOJ meeting. The recent targets set by the BOJ were not taken very seriously... I think the markets may be waiting to see just what it is the BOJ is prepared to do to reach those long term goals. For now I am watching the 97-97.25 level...

  5. #5
    Master Member vinayakm's Avatar
    nice technicals, Richard. I am waiting to read your next weekly post; hopefully you'll have a take on the USD/JPY and the Nikkei.

    The Yen has weakened to 100 Per Dollar for the First Time in Four Years.
    Last edited by vinayakm; 05-09-2013 at 06:17 PM.

  6. #6
    Rookie Member
    Great momentum!!! The 100 level at USD/JPY was passed with gap because of the stop orders forced closing. Nice 15 minute Call I made on the Yen

  7. #7
    Solid Member
    The USD/JPY is climbing steadily higher after all the stop orders at 100 and 101 were activated. There is nothing to stop it now from continuing even much higher and touch 105 and why not 110 level!

  8. #8
    Specialist Member RCox's Avatar
    Quote Originally Posted by Rosen33 View Post
    The USD/JPY is climbing steadily higher after all the stop orders at 100 and 101 were activated. There is nothing to stop it now from continuing even much higher and touch 105 and why not 110 level!
    Right, I completely agree with this. The problem though is finding acceptable levels for entry. You dont want to run after a train when it has already left the station.

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