IvanLabrie
Long

JPYUSD: Long yen, deleveraging in the background

FX_IDC:JPYUSD   Japanese Yen / U.S. Dollar
In this chart I analyze the currently active signals in the JPYUSD chart, as an alternative way of approaching USDJPY to prevent biases.
I'm seeing an active 2 week trend, which has until June 27th to complete, but also if you dial down to the 3 day chart, you can see a valid uptrend signal emerging from the recent 'impulsive' leg to the upside.

I'm interested in going long the yen in this zone, and aim ideally, for a retest of the dowtrend mode near 0.009875.
The time at mode signals, tell me price could stop at 0.009256 or 0.009489, so, take heed of these particular levels, for either a retracement or reversal of this trend.
I'd expect the equities to correct the recent advance, in the wake of this yen uptrend continuation, as risk off sentiment takes over once more.

The trade: Go long JPYUSD , or short USDJPY , ideally on a retracement, but if not, you can take it at market price and keep stops 1.2%+ away from this week's close.
Target a 3 to 10% distance from entry, approximately. Holding time, or ETA to reach the targets is before June 27th.

Good luck if taking the trades.
Cheers,

Ivan Labrie.
Apr 02
Comment:
Monthly view of USDJPY. The time at mode target predicted the top (minimal margin of error).

There's a monthly RgExp target at 102.517 that has to be hit during May to confirm the downtrend's strength.

3 day chart:

Apr 03
Trade active
Apr 05
Comment: Above 0.009092, nothing's stopping the rally.
Apr 06
Comment: We're approaching the 'nothing's stopping this rally' mark, watch closely.
Apr 07
Comment: Target 1 hit, I'm following this one closely in my other publication.
Apr 15
Comment: The blue box which was resistance is now support. Let's see if it goes for target #2 and #3.
Apr 28
Comment: Back on track.
May 23
Comment: Long after retesting low volume support.
Jun 25
Trade closed: target reached
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Crypto, Equities and Commodities. Contact me here or @ http://www.fb.me/LabrieTrading
No retracement, that hurts :(
Reply
IvanLabrie moneymaking
Exactly, these trades rarely give an entry when they work.
I'd rather jump in as it moves, then maybe add on retrace if it happens.
+1 Reply
moneymaking IvanLabrie
Yeah, will see about that. Thanks :)
Reply
Hey mate, I was wondering based on your analysis do you see any type of deep pull-back happening in usdjpy, to enter into a short position with good risk to reward?
Reply
Hola amigo! Nice chart! See the same targets in EW.
+1 Reply
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