Jump to content
Sign in to follow this  

usdjpy

Recommended Posts

Text looks ok when clicked to magnify the chart. A weekend gap with no real attempt to fill on market open, unusual.

Share this post


Link to post

Attempting to break out of it's ascending triangle, could be worth watching today. After a clear break then looking for an opportunity to get long on a pullback in a lesser time frame.

 

USDJPY(£)H1.png

 

 

 

 

Share this post


Link to post

well, price poked it's toe into that gap & bounced back up. I'm still "hopeful" that gap will fill !

Share this post


Link to post

  GAP filled            :smileyhappy:                             Capture uj.PNG

Share this post


Link to post

Creeps back above the old monthly support line (107.30) just as DXY heads into resistance. 

Today's release of the minutes from the last FOMC mtg may decide the fate of both.

 

USDJPY(£)H4.pngdxy.PNG

 

 

Share this post


Link to post

  wrote  'so, what is your analysis telling you that it will do ?'   That of course is the easy bit.  Watch and react, don't try to predict.

 

The market has come up to a significant level (107.30) and one side or the other will take control, who cares which? Because once a side has control they will push price to the next significant level in their direction, that's the important bit.

 

The signif level is 107.30 which is the monthly support level from the September low (see daily chart).

Successfully retesting that now on the hourly chart, that showed more buy than sell orders so there must be unfilled buy orders remaining on that level. Yes price may come back down for a second retest but it is less likely (probability) as it has just retested 107.30 and sellers will know there will be unfilled buy orders waiting there, they know they will be better off selling higher at 107.90.

 

The First Trouble Area ahead (FTA is always the prior immediate high/low)  is at 107.90.

If the buyers breach 107.90 then the next targets are as per the daily chart all things being equal which they never are, for example there is the FOMC minutes tonight.

 

USDJPY(£)H1.pngUSDJPY(£)Daily.png

 

 

 

 

 

 

 

Share this post


Link to post

But, but, probabilities, my 10 pip stop below 107.30 still looks fine plus the benefit of using levels based on the higher (monthly) chart, hedge fund managers consider anything less than a weekly chart is just noise, admittedly they are working with a 300 pip stop but there is no reason I can't take advantage if opportunity presents.

 

Question: should I move my stop loss to break even? With a well defined level and a tight stop of course the answer is no, because the possibility of failure will always remain while the potential for multiple 'R' gains remains high.

Share this post


Link to post

Keep It Simple to Succeed, quite right, but where to now? BOJ threatening to intervene to stop yen rise, USD threatening to turn around on the back of increasing economic strength after a year of down trend. 

Share this post


Link to post

Well done, couldn't be more pleased for you, does that mean you are  already out? It was a good battle between the 107.90 and 10730.

Share this post


Link to post

Both the USD and the Dow slipped yesterday afternoon presumably on new tariff announcements from Trump highlighting the prospect of new trade and currency wars.  

 

 

USDJPY(£)H4.png

Share this post


Link to post

Has run into the 100 MA on the 4 hour which has acted as resistance since Jan, likely to loiter while waiting for direction from NFP.

 

USDJPY(£)H4.png

Share this post


Link to post

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Member Statistics

    • Total Topics
      13,120
    • Total Posts
      66,677
    • Total Members
      89,227
    Newest Member
    harrykhan
    Joined 27/11/20 11:57
  • Posts

    • Dax and Dow M15;
    • not just the FCA, the US CFTC looks to be heading the same way. https://www.financemagnates.com/cryptocurrency/news/coinbase-pro-ends-margin-trading-services/?utm_content=buffer4aede&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
    • Thanks @CharlotteIG ! That's reassuring. I'm sure IG have already seen this, but someone on twitter linked to this Policy Statement from the FCA, saying that it will come into effect on 6th January: https://www.fca.org.uk/publication/policy/ps20-10.pdf "Prohibiting the sale to retail clients of investment products that reference cryptoassets"  Incidentally the trader  on twitter who linked to that, was commenting on the recent drop in bitcoin  and said "Crypto exchanges started announcing liquidation of UK customer accounts ..not surprising BTC sold off." Best wishes, Cate
×
×