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Dollar-yen

Bearish 5-0 USDJPYAfter hitting resistance at 118.6, price has been in a downwards trend. Admittedly I have recently been looking for setups that support a bullish dollar and retest resistance at this level. This has not happened and I have decided to look at the potential set up that continues the weakening of the dollar and this trend's downtrend since the beginning of the year. Price bounced off support at 112 twice and has now broken through. Sticking to my preference of harmonic patterns, the 5-0 pattern suggests that price will reach the 161.8% extension of wave AB (2/3), and retrace 50% of the BC wave (3/4) before price continues in the downwards direction. a 50% retracement at this level would fit the bill as previous support would then becoming resistance. The 5-0 ratios identify the BC wave as an extension that should turn between 161.8% and 224%. If price edges past 224% then the pattern is not valid. If price turns after the 161.8% but still before the 224%, then the 50% retracement at which we enter should be adjusted accordingly. Good luck! 5-O Ratios B(3):1.13-1.618 C(4):1.618-2.24 D(5):50%
Short
by KyleMcQuade
USDJPY Inverted Cup and Handle Again? March 20-24 Trading PlanFX:USDJPY broke the 50DMA once again and looking bearish in my opinion. The breakdown and downtrend is also supported by the moving averages on the hourly timeframes. Don't have any big positions as I expected it to retest the 114 breakdown level but it didn't happen 4H Timeframe View: FX:USDJPY tried to break the 200MA but it failed and continued its downtrend breaking the 113 support 1H Timeframe View: Looks like its consolidating after the 113 breakdown but I wouldn't discount a possible pullback to retest the 113 level and it would be a great short level if the downtrend continues. Preferred Entry: 112.9-113 Stop: 113.3 Profit: 111.6 But there is also a possibility that it would stay on this level until it once again breaks down. If that was the case then we can simply wait for either the 20MA(red line) or the 50MA(yellow line) on the 1H timeframe to reach the price and short it at the level if it doesnt break above it. If the 111.6 profit target is reached, we can take partial profits or move stops to profit as its possible FX:USDJPY will bounce on this area as it has done multiple times in the past or finally break that daily support Any feedbacks are appreciated!
Short
by SimpleMillennialAverage
6
USDJPY accumulating below 114.95/115The Dollar is extremely well bid against the Yen as we head into Non-Farm Pay Rolls and may even break higher before the number. We are anticipating an eventual move to 117 - 117.50 over the coming weeks, however, the path higher is far from clear. Initial resistance is 114.95/115, already tested earlier the session. The figure could well go today, but further resistance lies just ahead; with 50% of the down-move at 115.12. Beyond there, we have the 115.40 - 115.65 zone, which sparked two bearish reversals in late January. Assuming an in line jobs print, this zone seems like a logical target for end of week. In the event of a substantially stronger than anticipated jobs number; we see a move to the 115.95 - 116.25 zone, marked by the 61.8 fib at 115.94. Initial support is today's low around 114.25, with more important support seen in the 113.55 - 113.80 zone, and a breach of there invalidating our bullish bias.
Long
by MFXSCharts
Bearish Bat Dollar-YenSeems like it's Bat Week this week! In this episode we have a small bearish number on the dollar-yen. A daily charts shows price has retraced as far back as 38.2% of the boom at the end of 2016 following DT's election triumph! A solid support level, price looks to be entering a possible ranging market, heading into consolidation before the recent retracement either reverses or continues. Our D leg on this pattern lands slightly below a resistance level where price has recently bounced. The harmonic dictates that price should bounce again at this level while remaining in consolidation. Price is currently only at the C-coordinate and this pattern may not even complete itself, however it's good to be aware that it's there. Stop loss above the previous high, TP at the pivot level in the middle of the potential range. Happy Trading! Bat Ratios AB: 0.382-0.5 BC: 0.382-0.886 CD: 1.618-2.618 XD: 0.886
Short
by KyleMcQuade
Correlation Between USDJPY & EURJPY FallsThis correlation trade can be taken as a swing trade to capture a bulk of the dislocation or it can be taken as a scalp trade. Either way proper money management must be used as USDJPY is about 15% more volatile than EURJPY. As you can see the spread between these two is approximately 1,300 Pips, the widest since April of 2015. The trade would be Short USDJPY & Long EURJPY. No stop loss is placed but a mental stop is recommended. Remember, you want to be on same side as the Institutions and NOT the retain crowd. Change your thinking from a retail trader to an Institutional trader and your success will change immediately.
Long
by unique4x
USDJPY Strength To Continue After Minor PullbackHello Traders! We see the strength in USDJPY continuing as the Fed is fully behind their Hawkish tone. Although economic conditions have been very weak, in our opinion, the Fed is satisfied with the current rate of unemployment as well as inflation, their two main factors when looking at the economy and how interest will impact the future. Our research indicates strong Institutional support around the 116.120 level and we will be waiting for a pullback close to that level before initiating a position. We are looking for those Institutional buyers to push this pair back up, targeting the 116.800 level and then the 117.50 level before running into strong resistance. Our trade will maintain a 40 Pip stop loss. With all that said, the BoJ has their interest rate decision tonight, price action will have to be watched closely. If they shock the market the 116.120 could become invalid. Remember, you want to be on same side as the Institutions and NOT the retain crowd. Change your thinking from a retail trader to an Institutional trader and your success will change immediately. Unique Forex is where retail traders become institutional traders. Learn to trade like an institutional trader and become consistently profitable. Trade wish us goo.gl Subscribe to our YouTube Channel: goo.gl Follow us on Snapchat: Uniqueforex Follow us on Instagram: goo.gl
Long
by unique4x
Is it Pullback or Reversal? The Week Will TellTwo big things going on... the BULL run has been glorious with no stops and the US didn't raise interest rates this December. In addition to that I have been waiting on a 200-300 pip pullback as shown in my LONG for LIFE idea. I though it was going to happen on the 21st of November, but it seemed it was a little too soon on some of the Daily indicators I have. This timing looks to be more in line with some noticeable correction. I still think UJ has plenty of LONG potential for 2017, but this is a good SHORT opportunity for more than 100 pips so... Let's watch it go!
Short
by Bonavest
2