Looking at all the charts for pairs like USDJPY, AUDJPY, EURJPY, it looks like the JPY is going to have a VERY strong week (July 21-25) (shorting all the above mentioned pairs.) Does this trend seem unusually strong to anyone else? I looked up a bit of news for Japan’s economy and things look bad, but the charts REALLY say otherwise for this week… thoughts?
I’m definately no expert but it seems to me that the change is more due to the USD affecting the JPY pairs. I’d love to hear someone elses opinion to see how far I’m off.
On the daily charts, the JPY crosses are on a current uptrend, and on the weekly chart the current uptrend seems very strong. In fact, the EURJPY has been making all-time highs over the past few weeks. Are you looking at a smaller timeframe maybe?
I will wait until Tuesday to determine where these pairs might go for the week. I’m anticipating a pullback(SHORT) on the USDJPY. The EURJPY is at major RST so a pullback might be in the making as well. Will update with charts if I enter a trade on either of the two pairs mention.
Well yes it’s at all-time highs, this is part of the reason I am shorting. I’m looking at the Daily, 4 Hour, 1 Hour, and 15 Minute charts, all of them are showing that pretty much every XXXJPY pair is way overbought right now. The chart is starting to curve like it’s about to turn also.
I believe the uptrend is still intact. I would take any overbought signals with a grain of salt. The recent selloff in JPY crosses was bought back so sharply at the end of last week that I suspect there were significant long positions created that could give it the push to get over recent resistance levels.
Of all the crosses, I’m really liking GBPJPY, since it actually closed above a significant resistance level on the end-of-week push alone. If EURGBP breaks out towards the downside, I think GBPJPY could make someone a small fortune.
Yarcofin is right. And GBP/JPY is seldom responsible
for creating fortunes for majority of traders; it is
more responsible for financially ruining traders.
And I hate the fact that someone with a lousy
trading record is actually recommending GBP/JPY.
Thanks for pointing out GBPJPY, I initially missed it when I was searching for trades this week. I will be shorting it as well.
This is how I am currently looking at some JPY pairs performing this week…
USDJPY 106.93 – Sell. T/P 104.90
EURJPY 169.34 – Sell. T/P 167.55.
AUDJPY 103.72 – Sell. T/P 102.00
GBPJPY 213.61 – Sell. T/P at 211.50 or 210.50
If nothing else, use the basic idea “buy low, sell high” 
I’m just bringing up that the JPY crosses have been on an uptrend on the daily charts since March 17. I’m just pointing out that his recommendations are counter-trend, and he himself pointed out that the fundamentals pointed towards a weak yen. I don’t see why something as objective as that would make you so angry with my advice.
We’ll find out what’s going to happen soon.
Some of these crosses are coming down to their bollinger bands which is often a bounce point. The stochastics will be ready to head back up soon too. So, either direction looks reasonable at the moment… especially since the recent highs (for some) didn’t already lead to anything.
I respect you honesty and opinions. Thanks.
Well, I got my pop… 