Technical outlook on USD/JPY

USD to rise against JPY

  • I Agree

    Votes: 17 36.2%
  • I Disagree

    Votes: 23 48.9%
  • I am neitral

    Votes: 7 14.9%

  • Total voters
    47
Quote from cashmoney69:

240? ..what charts?

that wedge pattern is dead..price penetrated already

Make it or break it, monthly chart's support area here
 
CashMoney....Yea this damn YEN market has been brutal these past few days. We'll get a major reversal signal then we'll just fly the other way without looking back.

---------------------FYI:

3/12/2008 11:22:58PM
DOLLAR-YEN: The greenback continues to slide against the yen in Asian trade falling over 1% on the day to the low at Y100.65 - the lowest levels since 1995. Traders say intraday spec names seem to be prepared to test the Y100 level although option barriers are offering a little support.

3/12/2008 11:58:04PM
DOLLAR-YEN: The pair has bounced smartly off the session lows but still trades well south of the 101.00 level. Traders said intraday profit-taking has helped the pair bounce with the hourlys having looked oversold. Comments from Japanese FinMin Nukaga seen as very low-level jawboning and not really fuelling any great scramble to cover shorts. Pair last traded Y100.60/62.
 
Bought the U/J at 100 but it may come down for a double bottom or a bit lower so some profits off above 100.20 and rest left in case the reversal has happened, target 101.00
 
Quote from JSSPMK:

Long 102.50 off 3

-260

If weekly closes as it is now, then I will not trade this from long side until monthly chart changes modes, that can take months.
 
got stopped out. I should have sold when 101.4 broke.. i ignored my instinct..on top of that i didnt place a stop on the trade cuz i couldnt find a decent support level
 
Quote from JSSPMK:

That's a mind boggling statement actually, you say fundamentally still short,

Changing my view on JPY in short term; put a short JPY (long USD/JPY) just to test water; I made a decent gain on Long YEN (short USD/JPY) side.

Good luck
 
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