*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.
Like a rolling surfable wave that builds up before it crashes, the technical indicators tell us that the AUDJPY is about to fall.
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.....
The 6J has broken out (minor) to the downside and we are at the go-no go area. Aggressive traders will sell this area. We are being very cautious due to the recent false breaks. We choose to sit this out until we see a better break. What does that look like? If we break 9725 on the down side we will nibble (very small) to the downside. If we break 9920 on...
I use the currency forecast poll and compare my own view on the market with the experts who get paid for their forecasts. In this case I have used the USDJPY. I believe that the technicals signal a move down to about 101.5. Here is what the pros say: www.fxstreet.com I also use the awesome oscillator. When we see the awesome oscillator move below the zero line,...
Would only take a target 1 to the 38% fib level. Since the overall daily chart has a gigantic Bearish crab pattern. I've already scaled out of my short position after spotting this pattern. My overall bias on CADYEN is bearish. If we can get a rally and drop, i'll scale in another lot. let's see what happens.