50 Day EMA USDJPY

[usdoutlaw]

Quote from cabletrader:

Well I've done my bit, I think the market moved a couple of pips....

thanks for the help but in the end nothing panned out

I was thinking if there was so much resistance at that level, then a pierce through it was all it needed to break out

But I was wrong

 

[usdoutlaw]

Quote from pentothal:

Hi all again,
I have aposition in USD JPY as well. Same size (20k) and approach of my EURGBP (no intraday, Elliott Wave and support/resitance).
From my perspective, there is a potential for a massive trend in the USDJPY, with 110 the bare minimum.
From a time perspective, I am talking about months so it's more an asset allocation decision than a trading decision but overall the direction is up, and that in my opinion is the most impartant thing to know.

ahh 110 USDJPY those were the days when I could afford a toyota :eek:

 

[pentothal]

Update on my trade: I think the 1st part of the 3rd movement ended @92.
If you are familiar with Elliott Wave and believe we will follow that kind of pattern you know that most of the money is ahead and not behind us.

 

[usdoutlaw]

Quote from pentothal:

Update on my trade: I think the 1st part of the 3rd movement ended @92.
If you are familiar with Elliott Wave and believe we will follow that kind of pattern you know that most of the money is ahead and not behind us.

I agree with you that the USDJPY was in a wave pattern but it really isnt anymore. The third wave never formed and looks like it will not form since the supposed third wave does not look like it will form a crest. (see attached chart) The macd indicator says the first two waves fromed but no third wave evident. It was a good idea to front run the third wave but now it is ambiguous.

I think the USDJPY is stuck in the middle of a revised higher up-channel and will continue to trade tight to this trend unless something drastic happens.

This makes sense because many are betting that the Japanese want the yen weaker to boost their take home from exports when booking their profits at the end of the year. Check out for the past few years the usdjpy has regularly been in an uptrend between late october to early december. This year they are just starting early since the yen is so strong.