USDJPY Correction

[Rambo35]

It has been a long time coming, but I think we are finally in the corrective mode I have been predicting. I did think 104.00 would have been the level where shorts would have kicked in, but it was not until we touched 105.00.

The NFP report out of the US on Friday was the ultimate catalyst which started profit taking and I think we can test the 100.00 level before potentially breaking out above 105.00.

Those are just my ideas and not a trading recommendation.

 

[dkami]

This seem's to be a broken record LOL

Hmmmmm I don't get it, why are you bearish?

Care to share your bearish setup?

Your last post on USDJPY you said you were shorting from 101 and I replied saying price will go to 102.95 and then we may see a bit of a retrace from there but I expected it to be limited and it was with only about 150pip move down and then price breaking up above my then W1 resistance @ 102.95(now support)

I see this currant move down as just a retest of my W1 support(which is quite common) and tested it by the pip just about(-1pip with the gap down @ open on 14/1/14 with my broker) best seen on D1 chart

Although USDJPY is due for a correction @ this stage I don't see any short entry other than a bit of bearish divergence on W1 but it's defiantly not a signal I would take alone especially with what I call bullish hidden divergence on D1 which is a continuation or @ least a double top(many here on FPA would question this hidden divergence but it works into my setup's so I go along with what work's for me)

At this stage I'm targeting 107.48 and suspect to see this hit in coming weeks and I will take a short term scalp short off this level just like I did off 102.95!

Again care to share your short setup as like I said I don't have one @ this stage?

P.S. I am not a signal service so I don't accept money but I will take donation's

 

[Rambo35]

This seem's to be a broken record LOL

Hmmmmm I don't get it, why are you bearish?

Care to share your bearish setup?

Your last post on USDJPY you said you were shorting from 101 and I replied saying price will go to 102.95 and then we may see a bit of a retrace from there but I expected it to be limited and it was with only about 150pip move down and then price breaking up above my then W1 resistance @ 102.95(now support)

I see this currant move down as just a retest of my W1 support(which is quite common) and tested it by the pip just about(-1pip with the gap down @ open on 14/1/14 with my broker) best seen on D1 chart

Although USDJPY is due for a correction @ this stage I don't see any short entry other than a bit of bearish divergence on W1 but it's defiantly not a signal I would take alone especially with what I call bullish hidden divergence on D1 which is a continuation or @ least a double top(many here on FPA would question this hidden divergence but it works into my setup's so I go along with what work's for me)

At this stage I'm targeting 107.48 and suspect to see this hit in coming weeks and I will take a short term scalp short off this level just like I did off 102.95!

Again care to share your short setup as like I said I don't have one @ this stage?

P.S. I am not a signal service so I don't accept money but I will take donation's

We trade different time frames and yes I was wrong before which does not bother me too much as you will never get every trade right and I am not ashamed to admit that my initial set-up caused me a loss. I think we will struggle to breakout above 105.00 as I expect much weaker economic data out of the US over the next few months. While the BoJ keeps its record easing in place which obviously drove the Yen lower I think a serious of economic disappointments will lead to profit taking which will be more than just 100 pips. The Yen is known to overextend its moves on both ends which is what we are seeing now. I think a lot of bullishness has been deflated out of this currency over the past few trading days.

 

[dkami]

Hmmmm I think you might now be right Rambo35!

102.95 end of last mth broken with bearish convergence on D1 with a 50fib pullback!

100.75 should be hit again and I wouldn't be surprised if 98.43 gets triggered in next few week's

I didn't get in short but will buy off 98.43 for initial bounce off W1 support!