Even though it is counter trend I like this trade apart from the stop, might as well sacrifice few more pips below all time low Japanese will intervene again & again. http://us.mobile.reuters.com/article/idUSTRE6910IK20101002?ca=rdt
When you say low 70s are you referring to a measured move of some kind? Even if it is a guess, what makes you think all time low will not hold & Ninja will shed another 10%? TY! Some of my reasonings. http://www.elitetrader.com/vb/showthread.php?s=&threadid=206335
I really don't know what is going to happen. My guess is derived from price patterns and measurements in conjunction with broad based analysis of several interrelated markets. I ignore all fundamental data as price is the only one that pays. I have no idea what will happen next though and I wish you good luck if you are looking to hook a bottom.
--------------------------------------- apologies, the trade was ... UsdJpy Long pend order @ 83.728 STOP = 83.000 TP=N/A
where UsdJpy might go to the downside? here are some technically based targets - educated estimates but still GUESSES .... 82.869 ... see my weekly chart few posts up. Got the big rally at a perfect 423.6% hit as stated earlier. We are going down again to that level. It could fire again!!! Be alert for this. ------------------- 80.06 - 79.05 = historic monthly low - 78.6% retracement of entire northbound UsdJpy bullrun from 1920s. There you have it.
Jap intervention plays no part in my thinking as it is subservient to and built into PRICE already. And it doesn't take a genius to observe that intervention always occurs near or at big supports when Yen is strengthening. Watch Price and Price only, no news required, no who's fckin who etc.,