Chart compares history of Yen vs DJIA. As you can see, Yen is near a 30 year ascending primary support line. Chart also shows that after periods where US markets increase and Yen decrease to a point of historical support, thereafter you have U.S. Markets consolidation or peak. Here also are horizontal lines of support / resistance. Right now would be a...
After creating new structure highs last week, the USDJPY is now putting in an outside return back into previous structure setting up a decent looking trend continuation opportunity. I yet have a reason to get long per my rules of engagement, but I will certainly be keeping a very close eye on this setup as the risk to reward is a no brainer for me with stops...
Fundamentals: - BOJ has not express additional stimulus despite pressure from other central banks - A weaker USD due to economic data Technically: - Yen and Nikkei at 2015 high so pullback is healthy - 4 hour is showing potential H&S formation - RSI has rooms to fall - From the breakout level, Fib of 38.2% is a healthy and viable target If Head & Shoulder...
PRICE MAKING HIGHER HIGHS AND HIGHER LOWS INDICATING THIS UPTREND IS WELL INTACT. TRENDLINE IS ACTING AS A GOOD SUPPORT SO IF WE GET A PULLBACK INTO THE TRENDLINE/189.000 THEN THAT WILL BE A GOOD LEVEL TO GO LONG. IF PRICE BREAKS RESISTANCE THEN THAT WILL ALSO BE A GOOD CHANCE TO GET LONG/ADD POSITION
Here we see a plain old bearish bat pattern on the euro yen charts. It is likely that the market will quickly rally down to the 1.618 extension of the BC leg, i have it forecast at 1.5 hours. I placed my stop at the point X My entry at point B And my limit at the 1.618 extension of the BC leg Thanks for checking in, come back and see if it completes. As...
The Trade: Long CAD/JPY & Short GBP/JPY The correlation between these two pairs is 77% over the past year. The widest the spread has got over that time is about 800 Pips. Currently these two pairs are 620 Pips apart. The GBP/JPY has enjoyed a nice run-up lately which may be stretched, bumping up against some near term resistance. With that said we will be...
Today, we shall keep an eye on EURJPY as well. Pair has a nice bearish structure following a break down from an ending diagonal at the start of the week, so we assume that price will continue much lower after any corrective bounce. Well, we already see correction unfolding towards 135.50 area where sellers may cause next leg down.
20 May USD/JPY Daily 21:03 EST - Has this pair finally broken out to the upside? With the break of 120.250, clearing the red trendline is pushing this pair up to the 120.870 resistance level. Clearing here, while probably difficult should allow this pair to make a run at 121.850 - 122.000 levels set in Mar & Dec. We will be buyers on any pullback while...
*Position Update: As of 05/19/2015 @ 7:33 EST The Global Currency Scalper closed out both sides of this correlation trade with 112.2 Pips. The Trade: Long CAD/JPY & Short GBP/JPY The correlation between these two pairs is 77% over the past year. The widest the spread has got over that time is about 800 Pips. Currently these two pairs are 600 Pips apart. The...
The Ideal Gartley inline with previous resistance level
AUD/JPY is back to pressuring 95.950 level with the ascending triangle suggesting a break higher to extend recovery from April lows. Support now at 95.000, 94.330 and 93.300 levels. We see these levels protecting the downside and suggesting not letting any losses exceed the extreme support level. Targets 97.100, 97.400 & 97.660 levels. We will be buyers on a...
There's a potential 8 bar downtrend about to confirm here. If we see a swift move down from this level, we can expect the Nikkei to travel down, and fast. Technically, you can enter shorts now, with a tight stop, but the 8 bar signal isn't confirmed yet. Target on chart, for now an estimation, but possible. Wait for confirmation if trading it. Might offer good...
The trade: Long USD/CAD & Short USD/JPY. A nice correlation trade is setting up between USD/CAD & USD/JPY. The spread in the correlation is currently 600 Pips, over the past year the max spread has been approximately 1,200 Pips. We will be taking 1/4 our intended position size, if the spread continues to widen we will slowly add to our position. There is a...
*Position Update: On 05/05/2015 we liquidated both sides of this correlation trade with a profit of 73.1 Pips while taking advantage of the correlation spread narrowing after the interest rate decision in Australia. A nice correlation trade is setting up between AUD/JPY & CAD/JPY. The spread in the correlation is currently 200 Pips, over the past year the max...
Dear workmates ! Last week, we saw a nice correction of the strong dollar uptrend. This correction may be over for now. USD will probably trend up this week particularly against Yen. DXY 1D Timeframe View : We have a strong MACD divergence on 1D timeframe of DXY giving a nice long signal on US Dollar. A falling wedge is forming indicating a nice long term...
GBP/JPY is looking like it wants to break to the downside. After consolidating for several hours it's forming a wedge of lower highs and higher lows. Odds are it will break to the downside. As to not jump the gun we will be shorting this pair with a break of 181.800, looking for a move of 80 - 120 pips with a stop of 120 - 130 Pips.
*We booked a profit of 27 Pips. Even though the spread is from from closing we decided to take the profit and move back into cash. Of course if this spread narrows we will be leaving a lot on the table but we are happy with the gain from a low level risk trade. We will be initiating 1/2 our position in a correlation trade of USD/SGD to USD/JPY. The spread is...
The aussie-yen cross tested a trend-line resistance at 93.30 yens Friday, and price action before the week's close suggests renewed selling pressure starting on Monday. 91.80 and 90.80 seem like plausible targets for short positions below 93.30. If the TL resistance breaks, however, I'd be rather bullish with an initial target of 94.50 given that prices are...