The yen has bounced of the resistance area we pointed out in the past few days. The strong resistance along with bearish divergence gave us a good signal for entry. We are currently continuing to hold this post ECB to see if it will break and close below the blue line at 136.32. A break and close below this line would help sign some more downside. BE CAUTIOUS!...
1D Chart: As a quick note, it is late.. i'm in canada, but wanted to wait to see what would happen over seas and as I expected we are starting to hit the peak in the market and we should start seeing a retrace kick back into play around 103.5-104. If you look on the 1H chart it looks like it has room still but we could see a sudden break in positioning.
USD/JPY has broken previous weeks highs and is heading towards previous months highs near 105.40's. With price in the upper 104's and resistance at 105.40's, I'd expect it to get to the 105.40's before finally pulling back a little bit. The pair looks nearly exhausted. RSI is currently near 86. Look for a pullback before more US strength versus the Yen. Happy...
*After a period of consolidation at the 50 week MA of no less than three months, the USDJPY pair looks ready to continue it's longer term trend higher.
*This SMA (50 week sma) has been a decent bull / bear line since 2008. See red / Green ovals denoting interactions. When price was in a downtrend it acted as resistance (red ovals). Since late May 2012 it has...
Will this level hold? The J6 has been dancing around for while now and I am sure it has eaten many accounts. However, now she has come down to test April lows. From this point we will nibble (small size) on any bounces looking for a break (and hold) below the April lows.
The J6 has broken down...but is this yet another head fake? We are not in this trade and choose to sit on the side lines. If you look at the weekly chart we are technically not out of the woods. We will watch for any reversals back into the chop...they could present a retest of the upper channel. For now we watch.
This chart and my conclusion based on my analysis might be very perplexing to many Fundamental Analysts and to Japan's Prime Minster Abe as net results of his 3 prong attack fails to produce desired results.
Many, bullish fund managers will be mystified as was the case in 1992 when the initial decline of all time high was only seen as just a setback and a buying...
The 6J is still dead. The "experts" think they can guess the direction. Most got stopped out on the most recent break lower. Head fakes will kill your P&L. Don't let the pundits lull you in to a stupid trade. We are still on the side lines with the $J61!. There is NO edge. Be smart and keep your powder dry while waiting. There are better trades available.
It's been a great start to the trading week thus far, with a handful of Friday's patterns paying off big time. I've ended the past 2 weeks in drawdown so it's about time things get back to normal.
This is a pretty simple one, a bearish Cypher which is coming up into previous structure highs. A look on the daily chart will show you this this is a powerful...
Let me start of by saying that symmetry in Harmonic Patterns is not a requirement. It's simply fuel to the fire. It's all the more reason to believe that it'll successfully play out.
The strongest patterns bounce off convoluted areas of harmonic ratios. In this example, not only do we have the Bat formation, but also an AB=CD within the Bat's CD leg. This could...
The past few days I've shared my trades that the yen will continue declining in value, and that now was the time to short it. Specifically, I have trades on to go long AUDJPY and CADJPY, and a pending order to go long GBPJPY. And now, I'm adding a long NZDJPY trade to this as well.
By now the setup is familiar: the pairs were all trending up, but have recently...
We've been waiting for the bearish Cypher on USDJPY for a while now and as the market churns legs for multiple other advanced patterns have been created as well.
The smaller bat is the only one on my current radar with the others in the back of my mind for a possible completion later in the week as we get into more oft he fundamental announcements.
We've been seeing CAD strength, as well as JPY weakness over the past few trading sessions......and so long CADJPY was only a matter of time. And now, the time has come! :) I'm going long at 94.33, where we have a support level that recent candlesticks are forming a wick around, suggesting buyers are stepping in to defend. Also of note is the presence of the 50...
The Yen has been building in strength through the summer. Here price has entered in to a small range(within a larger downtrend), with price being rejected at the .618 fib retracement and the resistance line, which created a confluence of resistance. Recent candle wicks show rejection at the 101.800 level, so I suspect this retracement may becoming to an end. ...
Friends,
As twitted yesterday (See: "$TNX reached forecast support last month; now threatens loftier rally - Watch $USDJPY" here: twitter.com), a discreet break of overhead resistance indicated a potential rallying to new highs. This comment concerned a simple analysis of the benchmark 10-Year US government bond ($TNX) relative to the current positively...
The 6J is officially dead in the water. We will avoid this until we see defined breaks. See our last posts for break areas. If you think you "must" trade it...understand it's going to be choppy ride and it will most likely eat your trade account. Be patient and find a better instrument to trade. Keep your powder dry.
Everything is said on the chart. One can see my previous analysis published. It looks like we can buy at around 101.5 and sell around 103.5 The swing trade model.....
