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Dollar-yen

UJ To follow descending channel?We saw a week with a lot of bearish breaks but overall slow movement on this pair. Reaching lows in the 110,900 region and highs in the 111,700 region (approximate). I still believe that this pair will respect the downward channel it has been in, clearly shown by the rejection of the descending trendline on the daily chart. There is a possible bullish movement on the cards as we can see by the shape of the MA's which could mean some upside to the weekly resistance. Keep an eye out for a break and close above that trend line. Overall I feel that this pair will follow its descending channel and experience a good amount of downside with some recovery here and there. Those looking to short the pair should keep an eye out for the best entry times.
by nazman1068
USDJPY Looking At 3rd Elliot WaveWhen looking at the daily time frame we see that there's a nice narrowing range, when the price breaks out of it we can see a 3rd Elliot wave. The 3rd wave is known for breaking the high of the 1st wave. Which is at 114.26. Stock Rsi made a nice bullish crossover but the ADX isnt convincing yet. A buy entry might be a bit to early, but when the lower range breaks its a clear sell. So if you buy it then place a stop loss a bit below the lower range. If that range breaks then sell it for 104-106 as target.
Long
by JoshFX1
1
USD/JPY- Short trade setup Last week we saw alot of consolidation in the range between 110 and 111 areas. This was expected as we were in a strong daily range and NFP news was approaching. NFP news dissapointed as expected and cause USD to fall rapidly to where we find ourselves now at the bottom of the range and with strong bearish momentum fueled by fundamentals. I think we can see more downside and a possible breakout of this range with targets in the 109 area. Currently major timeframes are still showing Lower Highs being created so the trend is still intact. The fed is still expected to raise interest rates at the next meeting on June 14, however, the September meeting which was looking like another rate hike is now in question.
Short
by nick.trader4
USDJPY - MAJOR BREAKOUT TO THE DOWNSIDE - SELLING RALLIESI like this setup, this breakout to the downside is very important in my book. I will be looking to sell moves into 110.20/40 area and place my stop around 110.75 as shown on the chart. Target should be at least 109 and also an extension into lower 108'ish is very likely. For now i am waiting for a correction higher, i will update this idea as the market develops. Thanks for sharing and following. Blessings to you all.
Short
by IamJeanPaul
USDJPY- Safe haven Yen continues to rise. Major news and fundamentals coming into play within the next few weeks. Continuations of a weaker dollar is still the motive until US data improves- this weeks NFP being the first shot. Anyways.. price has been consolidating in a few minor ranges within the major range of 111.500 and 110.500. Last week we broke an ascending channel in accumulation now waiting for a retest of the trend line for the best possible RR after the bounce from support.
Short
by nick.trader4
Bearish 5-0 USDJPYHere we have a bearish 5-0 on the dollar-yen. Price is in a downward channel which has also provided a reciprocal AB=CD within the same pattern; the AB and CD waves are completely symmetrical. Price has already touched the 50% retracement and has began to stall- I have taken a short position and will hold until 108.3. My original stop loss was at 112.7, but decided to round it to 113. The only way price will touch 113 is if it is going to be broken! Price is at a key resistance point but I have gave breathing space for price to pivot before dropping or hitting the top of the cannel. Rec. AB=CD Ratios C: 1.13-3.618 D: 0.382-0.886 5-0 Ratios B: 1.13-1.618 C: 1.618-2.24 D: 50%
Short
by KyleMcQuade
USDJPY short trendline + key level rejectionIn history there is a strong move down, but this retracement is not strong enough at the moment. Looking for 2 possible setups: 1. Strong momentum up towards the trendline , good healthy rejection and break of the countertrend. 2. Strong momentum up towards the 110.05 level, which is a strong psychological level too. Want to see healthy rejection there and break the countertrend. Option 2 would be the strongest setup Will update this idea when one of those setups are formed
Short
by VAST-Charts