USD/JPY Due another BIG drop NOW!

Fast stochastics show a tripple convegence just above the 80% line. The resistance line is extremely close. I'd say it's almost a certfor another big drop, possibly starting today with a bullish engulfing patten. Comments?

 

Here's the chart:

 

I guess the next target for usd/jpy is 109. We may see 112 next month

 

I am long

 

Great that you're , but what is your stop set at?

Actually i'm long term trader and right now i have no open deal for USDJPY, however i'm looking for a short around 109.30-45 with a stop at 109,50, or i'll be bying dips under 105

 

Just went long at 107.33. SL - 106.55.

I don't mind the red for the short/intraday. I'm in it for the long run. The carry is a nice thing to hold on to.

 

Ivanovich

i recomend that your stop should be under 106,54, because 106.60 is double bottom.

 

From a fundamentals standpoint:

Land prices in Japan have been reportedly increasing for the first time in a decade. This is the first sign that prices in Japan might actually be reversing upward and that disinflation may be abating. Lastly, land is typically the collateral used by banks for lending money, and if land prices increase banks balance sheets improve.

This all looks very bullish for the Yen.

 

JPY is the most dificult play these days. Even EUR/JPY or CHF/JPY, looked like a bounce on the trend line, but looks more and more like a break.

I play AUD for asian currency.

 

Thanks for the rec. I don't think it'll be an issue anyway, though I could be wrong, of course.