At important announcements/changes in policies like the one today where BOJ implemented negative rates, it usually takes some time before the market sinks in the implications and positions accordingly.
Currently, it is evident based on technical levels that USDJPY has touched the 116 important neckline (head & shoulders).
Also, because of the surprising policy...
Hi everyone!
I would really appreciate any comments or thoughts on this analysis, what are you missing here, if there is anything unclear. Your time is greatly appreciated! Thank you.
I see USDJPY sitting at the resistance zone which combine WR2 and DR2 pivot point cluster.
This might be seen as potential take profit zone and zone where bears would sell.
Hi all, please see this chart first, and press the "load new bars"/play button and see how it played out:
I recently took notice of such formations and have come to appreciate its usefulness.
RATIONALE:
When a pair trends in a certain direction, and such a formation forms, it usually indicates indecisiveness/loss in momentum of the prevailing trend,
because...
A bigger picture look of USDJPY from 2006-now has seen dramatic volatility due to divergences in monetary policy & global outlook, with the JPY correlating to safe haven flows in times of crisis and uncertainty.
From this analysis we can see that from 2006 - 2012:
There was a clear downward channel trending from a high of 124.14 to a low of 75.56.
From 2012...
Here we have some very simple USDJPY analysis.
I have a bearish bias on this pair however due to price sitting at around support currently I have provided a long scenario target.
As we can see from the analysis USDJPY has successfully broken below what was a Major Monthly Ascending Trendline. The short term trend is also bearish on this pair. Taking all this...
We are in corrective structure after a 5 wave move up on USDJPY. We seems to be in the latter stages of an end to the correction. Overall a breakout to the upside is expected. Remember this is a Daily chart, so it may be sometime before it pans out. Price zone to note is 119.50 - 119.00. Price action in thhis zone would give clues about what possible correction...
Watch UJ Close 2015 - Kissing : 120.900 (TP1) , 121.300 (TP2)
The shadow on my fib edge indicate the worst case scenario for UJ to go lower but not further than : 120.397 - and then shooting right back to 120.900 , 121.300 etc.
Bonjour,
The JPY pairs have a reputation of being temperamental ... and rightfully so. Throughout my professional trading career, I've traded these pairs quite successfully but I'm also aware how quickly they move.
As I looked over the weekly charts of the USD/JPY today, I realized that we might just be seeing the start of yet another huge move to the upside....
Multiple long wick occur around support area suggesting that the price would not go any low than previous low (mark in chart). Currently price is at my decision point and i am looking buy opportunity only this time with 1:1 R:R
It's a simple trade - keep a lookout for this formation!
9th December's giant candle, and the inside daily candle for 10th December.
A close below the HIGH/LOW of 9th December's red candle can potentially spark a breakout in that direction next week!
In this case a close below seems highly likely.. Good luck.
Alongside my previous published idea:
I mentioned that if the pair failed to break above 123.44 and close strongly, the pair would fall - and that came true.
Currently, we are looking at how the pair retraces the recent leg down - and watch if the pair manages to consolidate back into the month long channel, or fails to do so.
I am placing orders to SHORT UJ at...
