Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

jerich

USDJPY Discussions

Recommended Posts

Whats about today?

 

USD/JPY jumped to 110.28 on the back of unexpected BOJ monetary policy decision; it is currently trading at 110.28 from 109.39 registered right before the news hit the wires.

 

Dont think would be dropping below 110 today though...Overall trend is upward but we could see a downward correction from time to time...

 

Even BOJ is pessimist about their economical strength and had predicted this lacking of Yen's strength long ago..

Share this post


Link to post
Share on other sites
Dont think would be dropping below 110 today though...Overall trend is upward but we could see a downward correction from time to time...

 

Even BOJ is pessimist about their economical strength and had predicted this lacking of Yen's strength long ago..

 

:idea: lets see what happened

Share this post


Link to post
Share on other sites

Last week the Fed and the Bank of Japan created the perfect back drop for a continuation in the USD value versus the yen. The Fed did not say they were in a hurry to raise interest rates, but they did say the US economy had made sufficient recovery so QE could end on schedule. The BOJ went the other way. They would increase the stimulus, buying ¥80T a year up from ¥60T during the past year.

 

After close to a 900 pip rally, it is always tempting for the novice trader to sell the market since the rally has already carried "too far." Rarely does this work. Markets have an uncanny way of going too far in either direction.

Share this post


Link to post
Share on other sites

Who would have thought 115 will be hit so soon. It was there in the background somewhere and been talked about but it will hit 115 from that 106-07 level in just a month or so was so unexpected.

Share this post


Link to post
Share on other sites

USDJPY

 

Buy 3rd Target (Overbought Price) at 116.65

Buy 2nd Target (Reversal Price) at 116.17

Buy 1st Target at 115.69

Buy Area at 115.37

WSS Pivot at 115.05

Sell Area at 114.73

Sell 1st Target at 114.41

Sell 2nd Target (Reversal Price) at 113.93

Sell 3rd Target (Oversold Price) at 113.45

 

Trend Summary : BULLISH

Share this post


Link to post
Share on other sites

Taking a look at the daily chart of USD/JPY, the correction on Friday was the largest one day decline for the currency pair since mid October. 114 is a near term support level that if broken would pave the way for a decline to 112.30. 112 should hold. If USD/JPY takes out its 6 year high of 115.58, the next stop should be the October 2007 high of 117.95.

USDJPY110914.png.5405178d6307e1981a8c2fbbcc3081d5.png

Share this post


Link to post
Share on other sites

Possible to see 118.50 before the end of the week! I will be monitoring that level closely. If we break above I will keep my longs. If we don't, then I will look at maybe scalping this consolidation range!

Share this post


Link to post
Share on other sites

I expect another dip to 117.45ish area, which is good for a bullish move. If it continues up from here, I don't have confidence in how far it can go. I'd feel better if it dipped, then took off.

Share this post


Link to post
Share on other sites

After the BOJ announced their increased monetary stimulus at the end of October the USDJPY soared from 112.57 to a high of 121.84. Then the market relaxed and a bout of safe haven demand resulted in yen buying which took us all the way to a swing low of 115.57. Following this break the Fed's comments were deemed bullish for equities and the USD, and we rally to 119.31. So what is next?

Share this post


Link to post
Share on other sites

The next big meeting is in March so there’s no need to rush any changes. If we are right and the Fed provides no fresh insight at this week’s meeting, their tightening bias will make the dollar more attractive and drive USD/JPY higher.

Technically, there is short-term support at 117.15 and more significant support at 115.57. The 61.8% Fibonacci retracement of the 1998 to 2011 decline at 120.18 will cap gains for the time being.

Share this post


Link to post
Share on other sites

Taking a look at the daily chart of USD/JPY, the break above 120 puts the currency pair on track for further gains. However there are a 2 main resistance levels to be mindful of – 120.80 and 121.85. These levels halted previous rallies in the pair. Support is at 120.

USDJPY021215.png.97a3681a3826e1e631ec9b1fb4f870e1.png

Share this post


Link to post
Share on other sites
The next big meeting is in March so there’s no need to rush any changes. If we are right and the Fed provides no fresh insight at this week’s meeting, their tightening bias will make the dollar more attractive and drive USD/JPY higher.

Technically, there is short-term support at 117.15 and more significant support at 115.57. The 61.8% Fibonacci retracement of the 1998 to 2011 decline at 120.18 will cap gains for the time being.

 

Right, but 119 is also very strong support/resistance level. I took short when I got a H4 double top at 119,2, for since two or three days I saw no real bullish pressure on UJ. So far so good. Please pay attention that several yen crosses pairs arealso entering resistance area. If they start going south, that will be additional buying pressure on the JPY.

 

Currently (2015 02 19 5 09 AM GMT) the pair is rebounding up on both H4 SMA100 and 200 at 1118,36. If you are confident in the uptrend, nice place to enter long. If you are confident.

 

attachment.php?attachmentid=39012&stc=1&d=1424322464

UJ_H4.thumb.png.7d5acde879c2456202972f9c8c6e66b0.png

Edited by stefcio2002

Share this post


Link to post
Share on other sites

Usd/Jpy has been consolidating between 118.00 and 121.00, the pair seems unable to set a clear direction at the moment. I wont want to trade in this pair atm.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • Date: 29th March 2024. GBPUSD Analysis: The Pound Trades Higher But For How Long? The global Stocks Markets are closed due to Easter Friday (Good Friday). The NASDAQ continued to follow the sideways trend while other indices again rose. The SNP500 reaches an all-time high, but the NASDAQ remains under pressure from Tesla, Meta and Apple. The Euro continues to trade lower against all major currencies including the US Dollar, Euro and Japanese Yen. The British Pound is the best performing currency during this morning’s Asian session. However, investors are largely fixing their attention on this afternoon’s Core PCE Price Index. GBPUSD – The Pound Trades Higher but For How Long? The GBPUSD is slightly higher than the day’s open and is primary due to the Pound’s strong performance. At the moment, the British Pound is increasing in value against all major currencies. However, the US Dollar Index is also trading 0.10% higher and for this reason there is a slight conflict here. If investors wish to avoid this conflict, the EURUSD is a better option. This is because, the Euro depreciating against the whole currency market avoiding the “tug-of-war” scenario. The GBPUSD is trading slightly lower than the 2-month’s average price and is trading at 49.10 on the RSI. For this reason, the price of the exchange is at a “neutral” level and is signalling neither a buy nor a sell. The day’s price action and future signals are possibly likely to be triggered by this afternoon’s Core PCE Price Index. Analysts expect the Core PCE Price Index to read 0.3% which is slightly lower than the previous month but will result in the annual figure remaining at 2.85%. The PCE rate is different to the inflation rate and the Fed aims for a rate between 1.5% to 2.00%. Therefore, even if the annual rate remains at 2.85%, as analysts expect, it would be too high for the Fed. If the rate increases, even if only slightly, the US Dollar can again renew bullish momentum and the stock market can come under pressure. This includes the SNP500. Investors are focused on the publication of data on the UK’s gross domestic product (GDP) for the last quarter of 2023: the quarterly figures decreased by 0.3%, and 0.2% over the past 12-months. This confirms the state of a shallow recession and the need for stimulation. The data, combined with a cooling labor market and a steady decline in inflation, increase the likelihood that the Bank of England will soon begin interest rate cuts. In the latest meeting the Bank of England representatives did not see any members vote for a hike. USA500 – The SNP500 Rises to New Highs, But Cannot Hold Onto Gains! The price of the SNP500 rises to an all-time high, before correcting 0.33% and ending the day slightly lower than the open price. Nonetheless, the index performs better than the NASDAQ which came under pressure from Tesla, Meta and Apple which hold a higher weight compared to the SNP500. For the SNP500, these 3 stocks hold a weight of 9.25%, whereas the 3 stocks make up 14.63% of the NASDAQ. The SNP500 is also supported by ExxonMobil’s gains due to higher energy prices. The market will remain closed on Friday due to Easter. However, the market will reopen on Monday for the US and investors can expect high volatility. Investors will also need to take into consideration how the PCE Price Index and the changed value of the US Dollar is likely to affect the stock market next week. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • MT4 is good and will be good until their parent company keep updating the software, later mt4 users will have to switch to mt5.
    • $SOUN SoundHound AI stock at 5.91 support area , see https://stockconsultant.com/?SOUN
    • $ELEV Elevation Oncology stock bull flag breakout watch , see https://stockconsultant.com/?ELEV
    • $AVDX AvidXchange stock narrow range breakout watch above 13.32 , see https://stockconsultant.com/?AVDX
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.