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
3/6/2008 02:15:17PM
DOLLAR-YEN
CitiFX Techs offering a quick note on...

DOLLAR-YEN: CitiFX Techs offering a quick note on Dollar-Yen they write; we increasingly believe that we are on the threshold of an impulsive move that could take USDJPY significantly lower. We do not expect the major supports at Y101.30-67 (1999 and 2005 lows) to hold and believe we can see a move towards Y95 very quickly if that range goes."

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03/06/2008 03:52:34PM

DOLLAR-YEN
Melting lower as US stocks weaken the...
DOLLAR-YEN: Melting lower as US stocks weaken the dollar now about 50 pips below chop highs seen at Y103.05 on buying by a US investment name around the IMM close. Dollar demand expected in the Y102.60/50 zone as barrier protection is anticipated but stops likely a risk below.
 
Quote from jsmooth:

3/6/2008 02:15:17PM
DOLLAR-YEN
CitiFX Techs offering a quick note on...

DOLLAR-YEN: CitiFX Techs offering a quick note on Dollar-Yen they write; we increasingly believe that we are on the threshold of an impulsive move that could take USDJPY significantly lower. We do not expect the major supports at Y101.30-67 (1999 and 2005 lows) to hold and believe we can see a move towards Y95 very quickly if that range goes."

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03/06/2008 03:52:34PM

DOLLAR-YEN
Melting lower as US stocks weaken the...
DOLLAR-YEN: Melting lower as US stocks weaken the dollar now about 50 pips below chop highs seen at Y103.05 on buying by a US investment name around the IMM close. Dollar demand expected in the Y102.60/50 zone as barrier protection is anticipated but stops likely a risk below.
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To be honest I don't trade off other people's opinions, I prefer chart analyses.

180m chart here, there is still hope :)

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1821782>
 

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Nice action after the jobs report for everyone trying to long $/YEN (hopefully you got some under 102). if we can close the day with that long candlewick and try to trade back above that 102.50 (now resistance zone) we'll be in good shape for putting in a bottom. I think we'll need to see similar action in the stock indexes though (long wick), otherwise it looks like we'll run back down to 11,600 which wouldnt be good for the $/Yen pair.
 
Waiting on lower time frame charts now to initiate another Long position, providing we don't close at current reaction lows then weekly divergence will still be a valid one as far as pattern is concerned.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1829931>
 

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Quote from cashmoney69:

we arnt looking too bullish.. we need to hold 101.4 on the 4hr or we could be in some trouble.
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I am not certain here, clearly this is falling knife catching, big stop on this one, 240 still looks more bullish than bearish ImO, support has to hold
 
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