Thoughts on Japanese Yen

[Rambo35]

The Japanese Yen dropped during Asian trade and is now approaching 102 on the USDJPY. Given the pick-up in inflation as visible in consumer prices which rose by the biggest amount since 2008 and statements by Bank of Japan Governor Kuroda who claimed that the economy will grow above potential I think we will see a rally in the Japanese Yen.

Please do not take this as trading advice, but rather my own thoughts here which I shared. I have been shorting the USDJPY since it reached 101 and think that we are near the end of the decline.

 

[dkami]

My thought's on UY in short term is up to 102.95 my next W1 resistance and the 200EMA on MN, So may get a bit of retracement from there but I suspect it will be shallow.A break above 103 on the W1 I suspect will trigger buy stop order's making the way up for the next leg possibly to 124.00 If US do in fact taper longer term!

Medium term if I get a nice deep retracement I'll be buying valley!

P.S. If anyone find's this helpful I am not a signal service but I do take donation's

 

[Pharaoh]

Personally, I'm long on saki.

 

[Rambo35]

My thought's on UY in short term is up to 102.95 my next W1 resistance and the 200EMA on MN, So may get a bit of retracement from there but I suspect it will be shallow.A break above 103 on the W1 I suspect will trigger buy stop order's making the way up for the next leg possibly to 124.00 If US do in fact taper longer term!

Medium term if I get a nice deep retracement I'll be buying valley!

P.S. If anyone find's this helpful I am not a signal service but I do take donation's

124.00, that is quite a sharp move higher, but then again you said you are looking at W1. I am bullish on the Yen and my next longer-term target is 90.00.

 

[dkami]

124.00, that is quite a sharp move higher, but then again you said you are looking at W1. I am bullish on the Yen and my next longer-term target is 90.00.

My short term target was hit @ 102.95 and there has been a bounce off that (my W1 resistance) which can be best seen on D1 with a bearish engulfing candle clean off that level, how deep this bounce will be is anyone's guess, will it turn into the deep retracement?????? but like I said I suspect it to be shallow going off the sharp move up we have seen best viewed on the MN chart and the hammer or hang man what ever you like to call it on MN 6 month's ago(June), the low of that candle was not taken out and was only a very shallow retracement seen on W1 and lower tf!

This makes me very suspicious that's why I will not be banking on a deep retracement, but if it does happen I'll be taking a long term buy (2-3year's) possibly up to 120 - 124.00 but to get to these levels I will need the help of the FED to tapper and the BOJ to keep up it's good work printing money and buying its own debt

NFP friday should be very interesting with the numbers beating expectations last month, I'm expecting same this month with a number around the 200k (US good at cooking the book's), this could give a nice W1 close above 102.95 triggering stops and buy stop order's

 

[dkami]

been a nice bounce down off me resistance 100 pips or so i'll be taking profit before NFP

 

[alanrox]

been a nice bounce down off me resistance 100 pips or so i'll be taking profit before NFP

Hopefully NFP will push the pair back to where it belongs

 

[vic84]

There are less chance of yen pulling up a bit this month.........

 

[dkami]

There are less chance of yen pulling up a bit this month.........

Hmmmmm I'm guessing a lot of stop's and buy stops have been triggered

 

[Qikbaq]

Short term jitter. Long term there are significant risks for Japan, including any Fed action that pushes interest rates up, or escalations in the Fukushima disaster (like a major evacuation of Tokyo). 124 is a conservatively low figure in those scenarios.