JPY: Consolidation and a breakthrough are possible.The Nikkei index broke up the long-term resistance level. In such conditions, the yen may consolidate and break through.
Jpylong
USDJPY GREAT SETUP SO FAR THIS WEEKWe took a short on USDJPY before NFP on friday in our trading room, however I think the NFP move is not a good indicator of the bigger picture. This is a swing trade.
CADJPY buy soonCADJPY is forming very well to buy and
back to uptrend on Daily/Weekly timeframes.
I can see huge resistance in front of us with strong trendline
which is holding for a long time.
We are watching for break Trendline + Resistance, retest
and then buy until 84,8 area and then higher.
First tp: 84.8 area
Don't forget to trade with proper RM/MM and caution
Good luck everybody.
EURJPY - Short setup from this morningAs posted earlier today on my telegram (t.me) I'm currently short from just above 116 with targets at 115.500 followed by 115.
We see a bearish divergence together with structure and trend line coinciding. We do have a fibonacci 0.382 at 116 level aswell.
While posting this I see we're breaking the "V" low of the double top which gives us yet another signal.
EURJPY (1h) Double top, fibonacci, strong resistance - Short?Price put in a double top, failing to close above 38.2 fib of X - A. In conjunction with fibonacci, and the double top, we have a strong monthly support and resistance area which could help us with this short.
I see high probability in this one, I am not looking for extended target(s) this time. As we could, potentially, look at a bullish (temporary?) release from this bearish trend.
If we break and close above 118.400 we could be looking at a bullish rotation, as hinted above. And then - we adjust our prognosis and entries accordingly.
Lets see if this elevator goes to our floor!
EURJPY 1H - Continuing bearishPrice action has not yet told me to go long, and since there still are bearish signals to this I'm sticking to my initial target of 120.000.
So far we have managed to bag 150 pips during the last 7 days from this bearish fall.
Lets see if we can continue this pip-hunt, all the way to target!
Before I start to consider a bullish approach, I need to see a break and close outside falling trendline and above 122.000
EURJPY(1h) Short setup, continuing our decent.Continuing bearish outlook as a follow up on last weeks successful entry ()
Basing this on price action struggling to close above 121.350 - 0.382 fib of X-A
IF we break out above, we will possibly find another opportunity to get short around 121.800 - 122.0 area.
Final target - 120.000
EURJPY (Daily) Bearish suggestionCompleted ABCD with close BELOW falling trendline.
Ive been eyeballing this area for some time. My targets are as shown on chart.
Lets see if we can pull some pipage out of this.
If, however, we break and close above I will look for long entry.
Entered at 122.279
Stops above previous high
"The Big Short" - from the Movie 2016 Oscar Union reward Short Renminbi for last leg ( the last meal) Stupid is paying the price again and again.
Among those central banks, PBOC is the worst one. They're too old to realize the turning of the culture influence and the huge inflation will be there in the future. This is called NO "wen hua".
I have never shorted Renminbi before but NOT this time.
This is a clearly signal, BTW.
EURJPY (60m) Short setupBasing this entry on the following clues:
ABCD completion
Double top with bearish divergence at D completion
Spinning top
Falling trendline just above double top and D completion
Previous support and resistance area
Psychological number 120.000
Target conservative 0,382 fib of C-D
Lets see how we do
EURJPY (15min) Short setup, brief analysisMy clues,
X-A 61.8% fibo reversal
1.618 fib extension
Overbought condition
Trend line resistance
We also have historical support and resistance zone within stop loss.
Target 1 - 0.382 fib of the leg
Target 2 - historical support and resistance zone, just above 0.618 fib of the leg.
If, however...
Plan B, if break and close above the falling trend line, I will look for opportunity to get long on this pair.
EURJPY Patterns forming 15min/60min1. Bearish bat formation which turned out a winner, but not before putting up a fight.
I entered this one since we also had a previously tested support and resistance area.
2. If the marked decides to push the price down we could see a complete bat formation. Although Im not too happy about the bullish trendline being violated, which itself is a bearish signal. Not an optimal scenario for a bullish bat. However, patterns are patterns. Its up to you and your plan to decide whether or not to take this one.
3. Lovely, both bearish cypher and gartley completing at (almost) exact same level.
We also have bearish trendline as resistance previous structure as resistance.
Alternative.
Price action violates C-leg of #2 bat before plumming down, which leaves neither #3 completion or #2 completion.
Since #1 won I'm happy either way, but lets prepare ourselves just in case the race is on!
EURJPY Short term SHORT positionI'm basing this idea on two main keys
- Bat pattern
- Broken bullish trendline (lower pennant line)
.. And the bearish rotation supports the idea together with previous structure zones which should act as resistance. Lets not forget overbought conditions!
Second scenario, and one that would stop me out, is the retrace into pennant before continuing its decent.
Lets hope we get filled!
EURJPY Short opportunityMy reasons for entry:
Completion of bearish Gartley (D)
D also coincide with broken trendline which should act as resistance
We have a lot of previous support which should aswell act as resistance.
Placing my target safely above previous proven support areas looking back.
I could ask for more as for taking profit, but I rather take small safe pieces at a time than risking it.
Lets hope we get filled.
EURJPY 4H Short Setup Entering at 115.580 on following basis;
Advanced pattern - Bat - D completion.
In conjunction with the completion of the Bat we have bearish falling trendlines (long term + short term). We have structure and on top of this we have RSI showing overbought.
Target is 38.2 fibo of A-D leg. Stop loss at a level where Im considering myself to be wrong. - Above previous structures and safe distance above trendlines.
USDJPY SHORTUSDJPY ABCD PATTERN IN PROGRESS THE NFP REALLY HELPED THIS MOVE I STILL THINK THIS HAS A FEW MORE DAYS TO DROP AND MAY HIT THE D EXTENSION
EUR/JPY Short Set UpOn the daily time frame we can clearly see a down trend has formed. Price action has clearly hit a big level of resistance at the 132 area and has made clear its bearish sentiment. I think we can easily see a drop to the 126 level.
Be patient and always practice proper risk management.
USD/JPY LONG TERM SELL OFFWe have been waiting for an opportunity to get into the USDJPY for a short for a while. We had hoped the USD rate hike would have given the opportunity for a price around 125.00 but that didn't materialize. By all intensive purposes the USD bull run is over and the rate hikes of 2016 are priced in the slow down in China is causing investors to look for safe haven flows such as the JPY and with the Japanese economy apparently showing signs of recovery we can expect a return to a more sensible price against the USD I would suggest 10600 by year end and possibly 9600 by mid 2017. bankonadam.com learn to trade like a pro for free!
