GlobalMacroGuy

GlobalMacroGuy Updated 

Price action in USDJPY is very supportive, but really in the USD in general as the rate hike is now inevitable. I expect the target to be reached rather quickly (in 2015) and ideally well before the rate hike hits.

GlobalMacroGuy

Price action in USDJPY is very supportive, but really in the USD in general as the rate hike is now inevitable. I expect the target to be reached rather quickly (in 2015) and ideally well before the rate hike hits. The 127.50 target is based purely on the idea that the high should be breached given the price action and fundamental backdrop not to mention the...

GlobalMacroGuy

I think today's NFP was a wake up call to those who were disinterested in USDJPY for the past 6-8 months. Therefore, although it is difficult psychologically to add to trades after a big run up, that is itself one reason why its profitable to do so when the reasoning checks out. I have added around here and will do so in small every 50 pips on the way to 1.24...

GlobalMacroGuy Updated 

One big reason why I bailed out of my Long yesterday other than the obvious lack of price confirmation and the weakness in the Euro is that moves that start with sharp movements often end with sharp movements and not dull slow bottoms. EW people will simply see this as a Wave 5. I am looking for supportive price action around ~1118 which is a great support zone coming up.

GlobalMacroGuy

I would not try to fade the Dollar rally beyond a high conviction intra-day trade (like I might be doing with Gold if price action is supportive), I think most of the complex is going to fall further with EUR and JPY leading the way. Until the Fed backs out of a hike if they do, I'm going to want to be Long USD and if they don't USDJPY will continue far higher than 1.24

GlobalMacroGuy Updated 

I believe one should keep one eye on EURUSD while trading Gold right now. As long as intra-day strength continues on EUR , the price action on Gold should stay supportive Long 1137 Stop 1130 TP: ~ 1147-1155