Usd/jpy

betman · Mar 18, 2013

As im sure everyone knows, the weekend has massively impacted markets today.. USD/JPY opened around 150 points down. It has retraced a lot of that already however..

What are peoples views on this pair, do you think traders who missed out on the usd/jpy rally will use this as an opportunity to go long.

Do you guys think we have seen the weekly low for USD/JPY already?

I am long and am not sure weather to get out, or hold my position. I think that we may see this pair back up to 96.50 and then on to the 97's!

Tradesight · Mar 19, 2013

The USDJPY got to a level where is was very much in need of either a correction or consolidation.

In the daily time frame it got to the 96.875 area which is the 8/8 Murrey math level and strong overhead. In the larger weekly time frame it recorded a Seeker exhaustion warning after completing 13 weeks up. The Seeker signal implies that the rally has moved far enough in both time and price to warrent some corrective activity.

There is good support at the 4/8 Murrey math level 93.75 which is just below the reaction low from the news.

The Central Bank of Japan has been extremely aggressive in the market to get the Yen to this level and I expect them to put even more money to work and defend the 4/8 level. The BOJ is driving the bus, it really depends on their level of conviction.

Just my thoughts,

Rich

TradeCuts · Mar 20, 2013

Hi,
Its always welcome to read another persons view of the markets...
The Yen pairs have been in news for quite a while now but its never enough to say some more

I have started a thread on Yen Series and would appreciate you thoughts and inputs on it. here is the link to my thread http://www.trade2win.com/boards/tec...en-series-eur-jpy-19th-march.html#post2097396
Thanks
TradeCuts.

Tradesight said:
The USDJPY got to a level where is was very much in need of either a correction or consolidation.

In the daily time frame it got to the 96.875 area which is the 8/8 Murrey math level and strong overhead. In the larger weekly time frame it recorded a Seeker exhaustion warning after completing 13 weeks up. The Seeker signal implies that the rally has moved far enough in both time and price to warrent some corrective activity.

There is good support at the 4/8 Murrey math level 93.75 which is just below the reaction low from the news.

The Central Bank of Japan has been extremely aggressive in the market to get the Yen to this level and I expect them to put even more money to work and defend the 4/8 level. The BOJ is driving the bus, it really depends on their level of conviction.

Just my thoughts,

Rich

Usd/jpy

betman

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Tradesight

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TradeCuts

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