I’m looking at a rising wedge type of pattern forming here on the USDJPY that is working it’s way toward a pretty significant level of structure (look left). We typically see a breakout to the downside with this type of setup as it represents the market losing steam after a high volume move. I’ll be looking for short opportunities on this pair in the Live Trading...
Two bearish harmonic patterns present short term bearish opportunity in $AUDJPY. Earlier, before RBA's rate decision, I actually took a bullish trade based on a setup (aggressive C entry) I sent to the Elite Zone members, with entry near 90.3. That trade is up about 150 pips right now and I'm looking at possible short term pullback towards the 91 zone. We have...
In the chart you can see two harmonic scenarios for $AUDJPY that could present short term bearish opportunity on this pair. Earlier, before the RBA trade decision, I took a bullish trade that I sent to the Elite Zone members based on Aggressive C entry near 90.3. That trade is already up almost 150 pips and now I'm looking at possible short term pullback towards...
Having topped around 149 in Dec 2014, EURJPY could be on its way lower to bottom range of potential triangle nearer 100 zone offering longer term bearish trade (see monthly chart). After initial decline from that top we have usual abc zigzag correction ending at 141. Since when it has again made intermediate swing lower to 133 and retraced intermediate abc zigzag...
The dollar-yen has been able to recover a sizable portion of yesterday’s ensanguine price action, following the dollar’s rejection from key technical resistance. Support for USDJPY remains clear with the Federal Reserve’s promise to hike rates, supposedly, sometime this year. With the Fed keeping traders guessing, the dollar remains in an upward trend as the...
The USDJPY has traded back into previous structure & is currently consolidating at the resistance level. To most traders this opportunity would have SHORT written all over it but I’m actually looking in the other direction. For those of you who I work with on a regular basis you know how I feel about the personality of the USDJPY and how it moves and looking on...
Break of the blue CTL should see the dollar yen back up to 126.00. Weekly hammer bar, 62.8% retracement and major support held.
Same play as i posted before on the 4hr chart but this time on a smaller timeframe. (attached in the related links) Same rationale as well as there is clear selling pressure building from the triangle/wedge pattern from the last few days. Expected price target for this play is 130.90
Very brief observation on the USDJPY chart. We have been seeing continued lower lows and lower highs on the USDJPY since early June's high of 125.83, with a key support level being found at 122.45. It would be very interesting to see if longer term, we see a retest of the lower trendline. Fundamentals to bear in mind here could potentially be to ask the extent to...
SO MY USD/JPY SHORT TO 122 HAS MOVED TO TARGET IN A COUPLE OF DAYS THANKS TO THE GAP DOWN ON THE OPEN. NOW I AM NEUTRAL THIS PAIR AWAITING PRICE TO SIGNAL THE NEXT MOVE. WEEKLY TIMEFRAME IS STRILL BULLISH BUT USD HAS BEEN WEAKER LATELY AND A POSSIBLE REVERSAL IS ON THE CARDS. AS YOU CAN SEE IN THE SHOT I AM SIMPLY WAITING FOR A TRENDLINE BREAK IN EITHER...
SO AFTER THE REFERENDUM WE WILL BE ABLE TO WATCH THE EURO PAIRS FOR SOME SETUPS. THE CURRENT SITUATION WITH EUR/JPY IS A SIMPLE ON IN MY EYES. THE WEEKLY TF IS TELLING ME WE ARE BEARISH AFTER A NEW LOWER LOW AND THIS FIB RETRACEMENT TO 61.8 COULD BE THE NEW LOWER HIGH BEFORE A BIG CRASH DOWN. WE HAVE HAD A TRENDLINE BREAK AND SUPPORT BROKEN ALONG WITH OUR MA'S...
THIS PAIR HAS BEEN IN A DOWNTREND RECENTLY AND WITH THE DOLLAR STRUGGLING TO GAIN ANY BULLISH MOMENTUM BACK I THINK ITS LIKELY TO CONTINUE. WE HAVE A THIRD TRENDLINE BOUNCE HERE WHICH IS CONFLUENT WITH THE 61.8 FIB LEVEL AND HAVE FORMED A NICE BEARISH ENGULFING CANDLE. I FAVOUR THIS AS A SHORT BACK TO THE LOWS AT 122.00 AND OUR KEY SUPPORT. IF THIS LEVEL GOES...
It's safe to say it's been an exciting day in the Markets, and to be honest we don't expect that to change much over the next week. As Greece came out of the weekend with absolutely no progress whatsoever, Risk Aversion took a hold within the markets as investors started pumping their money in to "Safe Haven" arenas. One such Safe Haven is the Yen, and it seems...
Friday closed with an apparent Tweezer Bottom set-up retesting the descending triangle (See - ). A look at the 4hr chart confirms the price pattern breakout and subsequent retest. A successful test of the 50ema would confirm the Bullish momentum and might provide intraday traders an entry point. Sticking with Swing Trading strategies, a stop loss at 123.15 and...
With the current sell off of the Kiwi, we are approaching an area where there could be a reversal. This ties in with the the EURNZD and AUDNZD pairs that also show an area of possible reversal. Price may rebound between the areas marked out by yellow boxes. The sharp drops from the yellow boxes above (supply zones) tell us the pair could rebound upon returning...
After a Double Bottom formed through March/April, price has successfully broken through the 50/200EMAs. Since breaking through the 138.00 SR level, price has been consolidating for a few weeks now. In this sideways movement price has intercepted the prevailing trend line and simultaneously tested it alongside the 138.00 Support. Next significant resistance is...
expecting some buying pressure at 122.00 psychophysical level. break retest continuation patten/Resistance became support. Also in confluence with he 0.382 fib level. Long term target still the same at 130.000
Yesterday, Ashraf Laidi put out an interesting post on the USDJPY and a 40-month cycle. From April 1995 to August 1998, the pair rose just over 85 percent. In brief, in the mid-90s, the US were raising interest rates (who does that anymore? Psh), which made the dollar stronger following the recession of 1990. The Japanese yen was devalued, too, as their asset...