Short term long UJAfter such a big drop we need a correction before continuation of our down trend. Therefor I believe we gonna see that correction now.
I'll hold my position with a really tight SL for now.
First target is the S zone and 38.2 fib if we see a break I'll focus on our second target at 61.8 fib.
Ujforecast
Weekly UJ OutlookI believe UJ will continue to drop until around the 107.339 area before skyrocketing once again...this is just an idea. I see it as a rocky downtrend but it should make it down there. In top of that US politics and US/NK rhetoric have not given 2018 a break! Now let's sit back and see how this plays out.
THE FUTURE OF US DOLLARS -NO THEORY US DOLLAR NEWS-TradingViewIt is so easy to come up with profligacy or a bogus theories of what triggers dollars up moves : Hurricane Harvey = equals compassion, N. Korea's missiles launching gimmicks = weakness... oil plants evacuations influence = equals oil down - dollar up, Arabs on Holiday = equals oil weakness etc BUT! I wont discuss any theory to back up my chart - my apologies! I am giving you an assignment to figure out my chart, and if you trade it? you will thank me later.
Enjoy!
USDJPY - Trendline breakI know many of you are watching UJ when trading gold... There's a very important pattern developing on the UJ UJ chart.
After a 7 months consolidation ( downtrend in a down channel) we had a character change. Price didn't turn down immediately in a V shaped form as did before. It sticked to the trendline an started to crawl along it. I think the Bank Of Japan started its preparation for the stock bubble pop. When the next recession starts they will need the Yen to be as weak as possible otherwise they will have a serious problem with their export...
So the powers will need this pattern to break to the upside and no more tag will be of the lower trendline of the channel.
So after the trendline crawling price dropped but as I mentioned in the previous UJ post it doesn't look good to me. That's why I exited the shorts with small profit. 2 days ago we broke out of the flag . Yesterday it seemed to reverse but as of today it seems we are really heading higher and once it breaks from the channel the bounce will be big. I tried to set some target price from the pattern. I know it seems a bit irrealistic now but on the bigger picture it is just the back test of the previous high.
The flag is huge.
Think. Big moves are not coming when retail expects it. Big moves are coming when the small guys are not in the trade.
Sell the breakout-USDJPYPrice rejected a resistance level (110.60 aprox) in a 4H timeframe. UJ is doing a bullish movement with low volume, wich could indicates a pullback movement. Price is below MA50 in 1H time frame. Also, this pullback respect 38.2% fibonacci retracement. We should wait for a breakout to open a short position.
Possible Double Top or Triangle BreakoutLast nights breakout had 4 retests I made 40 pips.I was able to draw new trend lines. From what it looks to me if it breaks the bottom trend line then it could be going down to complete the double top. If it stays between the 2 trend lines it looks like a triangle breakout. So just wait for a retest and buy or sell.
US DOLLAR Will Surge Today! - No Brainer (US DOLLAR FUTUREThere is no better time to buy US Dollar but NOW! - The might Dollar fall big time : 1.05
The loonie fall just below 70 cents (U.S.) in January and as of the beginning of May was right around the 79 - 80-cent mark. 98% Dollar could easily move higher starting this week, and 2% it could fall. Forecasting currency moves are even harder to predict than the stock market this days- But if you buy U.S. dollars today, you'll be doing yourself a big favour. You don't want to miss out....
Sincerely
Dr.
OH! MIGHTY UJ WHERE ARE THOU? UJ seems to not care but continue to drive down south....
I am afraid UJ might go all the way south to 106.718 (God forbid!) - IMHO - I do not pray for this to happen as it may affect all emerging markets, but it can't be rule out either.
113.2 is fast approaching and 106.7 possibly could transpire by the end of this weekend (God forbid)