YEN ReversalDouble bottom at the 61.8, divergent and a nice tweezer bottom on the hourly. USDJPY reached 114.3 and bounced off, I was seeking 114.5 but this all suggests we could be turning here. Time for a gap hunt?
MJY1! trade ideas
JPY/USD (JPY Futures J6Z2017) | Buy 0.88100 (Target 0.89470)JPY/USD (JPY Futures) - J6Z2017
Signal:
Buy - 0.88100
Take Profit - 0.89470
Stop Loss - 0.87600
Tweezer Bottom On The Daily???Are we on the verge of some serious Yen strength? I'm of the opinion that we have topped or are incredibly close to a top in Equities and many of the Yen pairs have reached key levels that i have been keeping an eye on and slowly building a long Yen position in. I was anticipating the YEN Futures dropping a little lower but this potential tweezer bottom on the daily at the 50% fib level together with the all the gaps at significantly lower levels on the Yen pairs gives further strength to this idea.
Good luck all, any thoughts or ideas are appreciated
Bearish signs for Yen Currency FuturesWhich means the opposite for those who trade the spot USDJPY
We have bearish conditions for a trend reversal...
1. False breakout - bear trap at the high yesterday
2. Volume spike at that high
3. Divergences on both the 3/10 oscillator and the 16 period EMA slow line
All very strong bearish signs. I will have a look at the USD futures on another chart.
JAPANESE YEN FUTURE JAPANESE YEN FUTURE potentially moving out of a triangle shape pattern - under the radar for a long opportunity
Critical Area for YenWe are at a critical level at the yen right now for a potential long or short. Currently our primary hypothesis is that we will go back to test 500-600 level, hold above, and rotate back up, however, if this not play out and then Yen fails to hold this level and we see the dollar have a stronger than expected corrective move up, we will be looking to short off this level. Currently the trend is still in favor of the bulls and we don't see a reason to short at current prices.
Japanese Yen: Bullish Patterns I have been interested in going long the Japanese Yen futures contract since the completion of the large Bullish Cypher pattern (I first saw this idea by @TradingJazz on USDJPY, his original idea is linked below).
I got picked up on a long at .8811 last night but took my small profit when it seemed it was heading back down after making a lower high. I am now looking to get back involved, and have identified two possible bullish patterns : Butterfly and Bat.
The PRZ of the two patterns will likely complete at the trendline since the Yen's December low which is another additional confluence in addition to these two patterns and of course the very large Cypher. As this is a large PRZ I will be watching this zone closely prior to entering in hopes of entering entering as low as possible with the least amount of risk I can to try and enter the possible large move.
If you have any comments or feedback on this idea, or your own view of the Yen, please feel free to share it!
Key SupportWith a lot of the Yen pairs looking over extended here its worth noting the Japanese futures is approaching a key support area for a potential bounce
More downside for YEN?Hey guys, Ive been tracking yen futures and posting updates for forex fb group. This is good to look at for JPY pairs. Looking for more downside on YEN, so upside for xxx/JPY pairs
