In the bigger picture, the Yen is poised for a long term rally versus the dollar, so right now I doubt that one weekly bar would dissuade my opinion. It would take more.
I'm not certain that I can. I am just viewing charts. The long JPY/USD futures position is all that I have on right now.
I always miss the bigger picture, I see a bounce today and soon Have a look at the 5-15 minute charts, just for fun. Bounce in USD, not JPY
Yes. Of course, I am on a way different timeframe and am keeping trading activity to a minimum. The same charting techniques that I use are effective on the intraday charts as well. One of the reasons that I trade the larger picture is so that I have less decisions to make. Each decision that I make has the potential to be a bad one.--I don't really see an obvious bounce on the 15 by the way.
I am looking at daily spot and there is a rising histogram (USDJPY), not book perfect, yet OK. Divergence range 114.60-114.10
Daily chart looks very very bullish for the long JPY/USD in my view. Now it must be remembered that we are looking at the daily chart early in the day and anything could happen. Right now, --very bullish. Longer term bullish, no matter what today's bar is.
Sorry I wasn't refering to a daily chart, I meant to say daily spot on 15 minute chart. But since you have mentioned daily looking bullish for JPY, I am posting daily chart of USDJPY, which does look like there might be another dip creating a bullish divergence in histogram (bearish for Yen futures). If that does take place then weekly chart will also put in a what you normally call a B class divergence, again bullish for USD. But you have already explained your view and you are going with bearish divergence in Yen. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1666684>
Nice beginning to my longer term Yen Future long position here. I'll be holding for now looking for the homerun.