though this thread is for USDJPY i got long NZDJPY...i couldn't find a thread for NZDJPY. got long @ 79.96; stop in 79.15 area, limit in 81.50 area it looks dangerous because of the sell-off recently. so this play is strictly looking for a bounce...not looking for a resumption of the upward "trend" necessarily. i do like USDJPY as a long play as well but i liked the technical setup better in NZDJPY.
the double bottom scenario is viable for most of the markets. But also dissolution to further losses is possible too. Since the market is caught in a psychology of buying the dips and range trade.
It would appear the downtrend is being tested, I think that's what caused that quick 25-pip spike just a few short minutes ago. If it survives the test, it would be a strong entry signal. Triple entente of the downtrend being broken, 200-day SMA being reclaimed, and MACD crossing.. Thoughts?
Quite a bit of action since above post 17 days ago, which reports my profit on 2 YEN shorts and forecasts a wisp of the negative effect on NIKKEI from YEN strength. YEN now set to climb to mid 2006 level, in my view, so I'll buy the next month (June) YEN future tonight and tomorrow, up to 8 at entries .--8600 down to .--8550, with a 115-tick stop from actual avg in. Expect .009000 prior to expiry. That'd be 1 to 4 risk/reward -- too tasty to pass up.
too many people being trained to sell the yen. You might have repeat of last summer carry trade scare, possible target 110.00.
My premise for this long YEN trade is very good. I'll convey it after 1) I'm in all or most of 8 cars avg'ing down, and 2) price action improves my position enough to 3) avg up with as many as 8 more.
Upping set up 50 ticks, meaning long entries starting at .--8650 and lower. All else the same. Not going to miss this train.
No need now to wait to report premise for long YEN position. Reuters lets the cat out of the bag today: LONDON, March 16 (Reuters) - The dollar slid broadly on Friday... sending an early signal that the United States could be heading towards stagflation -- no growth but high inflation. Yes, the "S' word.