FX:USDJPY   U.S. Dollar/Japanese Yen
8 months ago
DISCLAIMER
First off, I want to say that I am an AMATEUR trader and still learning. I wanted to publish this idea to see if I am doing this properly and to generate some discussion.

Fundamental Analysis
USD/JPY             is in a serious downtrend since they introduced negative interest rates at the end of January. The BOJ has yet to intervene with the strength of the Yen. Until firm intervention is announced, the Yen's value will continue to rise unchecked.

Technical Analysis
While the overall trend is bearish , there has been slight upturn as of late, pushing USD/JPY             back up to 109. The Tenkan-sen crossed the Kijun-sen and is approaching the cloud. Traders may want to hold until a break through the cloud is clear before entering a buy position.

TP around 109.4-109.5

I welcome any comments/criticisms about this trade. I have already bought at 108.609 Thanks, and happy trading!
8 months ago
Comment: Well the trade stopped out at the S/L. The positive is that I was able to actually predict the proper support for the stop (lol). But anyways, no break out. The trade ran into the cloud and dropped.

Related Ideas

TradZ
8 months ago
I entered in around the same price but should have waited a bit longer. I'm going for 108.9. However, I do feel that the price may head lower first due to markets always heading down@the end of the day. I Or we just don't know how far down:(
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bradlaguna TradZ
8 months ago
I feel like I may have entered too early as well, I maybe should have waited until a breakout was more apparent as it approaches the cloud.
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TradZ bradlaguna
8 months ago
The funny thing is tht I got in@108.502 earlier this morning going SHORT then the market goes against me and now I'm going up and it's going against me hahah sometimes it's like that, especially when just waking up lol
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TradZ TradZ
8 months ago
But it seems to be heading back so, we shall see! I'll let you know how this trade goes when completed....
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TradZ TradZ
8 months ago
There's the break!
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bradlaguna TradZ
8 months ago
Woohoo!
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TradZ bradlaguna
8 months ago
Just hang in there, it's being tricky today lol
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bradlaguna TradZ
8 months ago
Yeah, it might just range today. I'm hoping for a breakout at the next session. Fingers crossed!
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TradZ bradlaguna
8 months ago
I should have taken profit & then re-entered but was distracted while texting on my phone:(
Now we must wait AGAIN
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bradlaguna
8 months ago
108.6 is looking like a good support as of now.
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bradlaguna
8 months ago
Just want to thank everyone for their comments and feedback. This is a good lesson of not going against the trend!
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joynul
8 months ago
As per your analysis, that buy is required when back to reach 109.50, right?
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bradlaguna joynul
8 months ago
As of now, it looks like the 108 support is being re-tested and will either break and drive down towards 107.5 and below OR once it breaks, it will trigger another bounce, but not to 109 in the short term. Most likely it will lose momentum around the 108.5 IF it does bounce. But I do not want to count on any longs in this kind of climate. Happy trading!
USD/JPY Update
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