ForexAlerts.ca - Daily Reports USD/JPY, EUR/USD, USD/CAD, EUR/JPY, GBP/USD

Hello Everyone,

This is our first post.

USD/JPY – currently trading @ 102.24

Bias: Bullish

Upside: 103.989
Range: 101.031 – 103.989
Downside: 98.75


USD/JPY is trading within the 101.031 - 103.989 range.

We are waiting for a good opportunity to enter long. We’ve mentioned in the past few levels where we prefer to buy on a pullback. At this point we are taking all the buy levels off the table though.

We want to proceed with caution, because recently all the attempts to go higher were met with resistance. This is not a good sign for the bulls. We are going to stay on the sidelines for now. We wouldn’t be surprised to see all the Japanese pairs to have a big sell-off soon. It may happen very soon or next week, but something will happen to trigger extended retracement. It looks like the USD/JPY and EUR/JPY charts are ripe for retracement.

In our blog post we wrote recently: "While all Japanese pairs that we cover remain bullish in the long term, we may expect consolidation in the short term. Everyone who is so desperate to be in JPY trade will be able to buy on a pullback.This consolidation may be expected any time soon, perhaps even today, or within next two trading sessions, and may be quick or may take few days to unfold.

One of the concerns that we have is the lack of the follow-though. It can be debated what kind of strength the pair should display when it breaks important level, such as 100 was for USD/JPY. If you take a look at USD/JPY’s performance in April you will notice that the pair gained 3 days in a row on April 4th, 5th, and 6th – 3.84%, 1.14%, and 1.30%, it also gained 1.34% on April 19th. The whole Wall-Street was obsessed with USD/JPY breaking the magic number of 100, and we gained only 1.96% on May 9th once this figure was finally broken. We have been expecting a stronger upside move. Since USD/JPY broke 100 it didn’t post a 1% daily gain:

May 15, 2013 +0.05%
May 14, 2013 +0.50%
May 13, 2013 -0.26%
May 12, 2013 +0.32%
May 10, 2013 +0.79%".

Hello All,

This is our USD/JPY update.

USD/JPY – currently trading @ 102.42

Bias: Bullish-Neutral


Upside: 103.989
Range: 99.828- 103.989
Downside: 99.828

Not a lot changed since we posted last time. We don’t have any JPY positions. All Japanese pairs remain bullish, and that’s why we don’t recommend shorting them. We are waiting for a good opportunity to establish long positions on a pullback.

Our view of the temporary retracement is supported by a possible top in US Dollar.


If we are right in our assessment, we may see GBP/USD and EUR/USD produce a rebound in coming days, and USD/CAD to retreat from the current levels.

Hello All,

Here is our USD/JPY update:

USD/JPY – currently trading @ 100.77

Bias: Bullish-Neutral

Levels:
Upside: 103.989
Range: 100.203- 103.989
Downside: 98.559

We’ve made a strong case for the USD/JPY retracement on May 16th. The pair broke through the 101.031 support we had on the chart.

We still believe that USD/JPY has scope to fall even more without damaging the bullishness in the charts. From the purely technical perspective we think 98.60-98.85 is a very strong area to establish a long position.


We all know that the Japanese pairs were exposed to many violent moves in recent months, due to the comments made by the government officials. Various macro factors made it very difficult to analyze this pair from the technical standpoint. We expected this pullback, and recommended to our members to be patient. Having said that, we can’t be sure how more of a pullback we can get before the next move upwards.

Please note that recently our thread was spammed; if you are interested in our analysis look for ForexAlerts handle

Hello Everyone,

Here is our USD/JPY update.

We didn’t post for some time, because nothing has changed. We wrote last time on May 24th: “Not a lot changed since we posted last time. We don’t have any JPY positions. All Japanese pairs remain bullish, and that’s why we don’t recommend shorting them. We are waiting for a good opportunity to establish long positions on a pullback.” We advocated for pullback since May 16th, and finally we can see USD/JPY trading below 100.

Our buy level is in the 99.10-99.40 area. We believe that these levels will present a good opportunity for a long trade with the target in the 103-104 range (retest of the recent highs).

Below is the chart we posted for our members last Friday:


Happy Trading!

Mike
ForexAlerts .ca

We didn’t place even one trade involving Japanese Yen last month, and advocated our members to be patient and wait for the extended pullback. You can view the list of all our trades in the “Results” section of our site.

Summary of Our Last Week Trades

On June 3rd we established a long USD/JPY position at 99.20. At first the trade went our way, but we advised our clients to protect profits and get out at 99.31, because the situation started to change. On June 6th USD/JPY collapsed, and broke through the 95 barrier, before the sharp reversal. There is a chatter that Japanese government intervened at the 95 level, even though officials publicly denied that such action took place. The pair ended the week at 97.43.

During this mayhem we established 2 long USD/JPY positions with the 97.05 average, and we are 80 pips in profit at the time of writing. In addition to that our buy level on EUR/JPY was hit, and we established a long position at the lows at 126.25. On Friday we were up 260 pips, and we advised our clients to sell half and take profits. Our targets are 99.54 and 102.12 for USD/JPY, and 130.05 for EUR/JPY. We also hold 95.57 long CAD/JPY position. As always, the situation may change, and we will keep all our subscribers up-to-date on Twitter.

Bank of Japan Meeting in Focus

Japanese Yen will stay in focus next week, largely due to upcoming Bank of Japan meeting. Yen strengthened by 7% since the last meeting that took place on May 21st. Such drastic change won’t go well with the Japanese authorities, but it remains to be seen if they can say or do something new to provide a catalyst for further fall of the Yen.

While all Japanese pairs may pullback from the current levels, we believe that last week’s low was the bottom.


Happy Trading!

Mike
ForexAlerts .ca
Forex Alerts - Keeping you on the right side of the trend!

Summary of the trades

At the time of our last update at the beginning of the week we held the following positions:

USD/JPY - 97.05
EUR/JPY - 126.25
CAD/JPY - 95.57

We advised our subscribers to close USD/JPY @98.87 with 182 pips profit, EUR/JPY @129.53 with 293 pips profit, and CAD/JPY @96.23 with 66 pips profit.

We think that there is some room for Japanese pairs to retreat even further. In the meantime we will concentrate on trading other pairs. For the list of all our trades, and the success rate of our trades, please visit the “Results” section of the site.
Right now we are advising our clients to establish long positions on the pullbacks:

USD/JPY @93.087
EUR/JPY @122.386
CAD/JPY @91.16


Wrote in today’s report: "We are changing our outlook from Neutral to Bullish-Neutral for both GBP/USD and EUR/USD. The pairs broke out to the upside, and display the bullish signs. We want to establish long positions on the pullbacks:

GBP/USD @ 1.55357

EUS/USD @ 1.32205"


Mike
<[email protected]>
Forex Alerts - Keeping you on the right side of the trend!

Here are updated levels that we will be watching at the beginning of the next week:

<a href=“http://www.forexalerts.ca/wp-content/uploads/2013/06/dx.jpg”><img class=“aligncenter size-full wp-image-1984” alt=“dx” src=“http://www.forexalerts.ca/wp-content/uploads/2013/06/dx.jpg” width=“620” height=“358” /></a>
<p style=“text-align: center;”><strong>US Dollar Daily Chart</strong></p>
<p style=“text-align: left;”>We think that US Dollar may continue lower at the beginning of the week, but it is approaching a serious support zone, with the 80.28 being important level. The dollar may begin rebounding and head back to 83.65.</p>
<a href=“http://www.forexalerts.ca/wp-content/uploads/2013/06/uj9.jpg”><img class=“aligncenter size-full wp-image-1985” alt=“uj” src=“http://www.forexalerts.ca/wp-content/uploads/2013/06/uj9.jpg” width=“619” height=“356” /></a>
<p style=“text-align: center;”><strong>USD/JPY Daily Chart</strong></p>
<p style=“text-align: left;”>Previously we mentioned that 93.08 as a level to establish long position. The pair finished the week on a weak note. There are no signs of the bottoming at this point. We want to establish a long position on a pullback to 92.716, and we will add at 90.761.</p>
<p style=“text-align: center;”><a href=“http://www.forexalerts.ca/wp-content/uploads/2013/06/ej9.jpg”><img class=“aligncenter size-full wp-image-1983” alt=“ej” src=“http://www.forexalerts.ca/wp-content/uploads/2013/06/ej9.jpg” width=“615” height=“357” /></a></p>
<p style=“text-align: center;”><strong>EUR/JPY Weekly Chart</strong></p>
<p style=“text-align: left;”>For EUR/JPY our buy levels are 121.59, and 118.61.</p>
<a href=“http://www.forexalerts.ca/wp-content/uploads/2013/06/eu9.jpg”><img class=“aligncenter size-full wp-image-1986” alt=“eu” src=“http://www.forexalerts.ca/wp-content/uploads/2013/06/eu9.jpg” width=“614” height=“356” /></a>
<p style=“text-align: center;”><strong><span style=“color: #000000;”>EUR/USD Daily Chart</span></strong></p>
<p style=“text-align: left;”>EUR/USD is bullish, but we mentioned that we want to buy on a pullback at 1.3122. We believe that the upside will be limited to 1.3538</p>
<p style=“text-align: left;”>GBP/USD is trading within the 1.54308-1.59418 range. We want to establish a long position at 1.54308</p>