USD/JPY bounce anybody?

[Mr. Crabs]

JPY looks over - extended.

Meanwhile the USD looks over - extended towards the downside.

Looking for it to snap up within the hour.

 

[Mr. Crabs]

10 pips already since I posted that was a cool 3 minutes.

 

[Mr. Crabs]

Another quick 5 pip bounce since. Looks like this reversal is in about to be established.

 

[Mr. Crabs]

Clean bounce these past few minutes. Reversal looks imminent, that bottom we hit today might have been it for the downside.

 

[TradeCuts]

Hi,
As opposed to the other Yen currency pairs, today Usd/Jpy is forecasted to go long.
Yens continued their journey in descending channels and are testing the lower trend line. Current price action along with resistance and European currencies getting weaker, indicate at shorts in most pairs except Usd/Jpy.
Best
TradeCuts

 

[wackypete2]

eurjpy has made a nice run up this morning. Tricky pair. I'm not sure how to call it but I wouldn't feel good shorting in the mid 119's.

Peter

 

[TheLastBear]

I think shorting any pair that has the Japanese Yen in it is dangerous now since the Bank of Japan has started to interfere heavily . The move in the USDJPY from 80 has been only due to Bank of Japan and a pain for everyone who trades based on technical indicators. I would be very careful with those trades.

 

[Mr. Crabs]

This thread is old hat, I was looking for a 3-12 hour bounce. But the JPY has been dropping more aggressively than I expected. But that's what happens when a real catalyst causes people to exchange enormous sums of their currency for another. I over-estimated the effect of forex traders on this pair recently.

 

[TheLastBear]

This thread is old hat, I was looking for a 3-12 hour bounce. But the JPY has been dropping more aggressively than I expected. But that's what happens when a real catalyst causes people to exchange enormous sums of their currency for another. I over-estimated the effect of forex traders on this pair recently.

Oh ok