Technical outlook on USD/JPY

Trying to get that another 108.10 fill.
If you guys are interested in haveing a chat room about FX tradeing shoot me a PM

 

Micro Elliot Count on minute charts seem to indicate an extended set up so it may hit bouncepoint of 108.50ish after all. On hourly charts the candle pattern shows clear 12345 up from 106.75 with 5th wave appearing to be in extension mode.

I count very simply with Elliot wave because when it comes to using the minute charts to get precision an elaborate interpretation doesn't seem to work as well on a micro scale. Simply watching for basic 5 wave sets on hourly and minute charts is sufficient along with Stochs and ema's for trends.

One can pull a bit of info. at no cost of the following sites...

http://www.wave-dynamics.com/

http://www.elliottwave.com/

http://www.investopedia.com/articles/technical/111401.asp

http://www.youtube.com/watch?v=0PufPdUfhKA

The links might help depending on how much you have already reviewed concerning E.W. characteristics.

 

I don't use EW analyses, but feel free to post charts of what you are seeing. I see a major turn here, heck knows if USD will reverse, but based on my research I see $116 as a very high probability based on the weekly chart's triple D.

Re chat room, TY but I will decline the offer as I find IM to disbalance my concentration levels, rusty brain

 

I thought you guys might want to have a look & comment

http://www.elitetrader.com/vb/showthread.php?s=&postid=1807153#post1807153

 

Noteworthy... but how to gain precision from that I'm not quite sure ATM.

Follow the trend until it clearly hits the wall and bounces up indicating trend reversal if one can't find precision I guess. Fundamentals are sure influencing the trend currently.

Technicals still indicate an ideal bouncepoint probably at about 1500 but as of now 106.81 I wouldn't sell until more downward presure was revealed or a confirmed up which is less likely right now. All the best.

 

I pulled a stop on 1/3 Long for a very small loss, I don't like the way 120 looks

 

120 moving average?

Getting close to the big double bottom of 105.00

Will start watching for possible setup of large upswing soon.

 

120 as in 120 minute chart

I am now long off 1,2,3,5,10m charts & 24hr S2

Currently $105.20

 

Double bottom for 30 day chart 105.00. Bounce could be 120-50 pips

Tripple bottom on 10 year chart is 101.75

 

Noted, TY!

This long is off shorter time frames, very small risk below S2, I am looking to get around 105.6-.8

Longer time frames are still bearish