If you go long on EUR/JPY and / or CAD/JPY, here’s a good chance you could make some big $. Gotta get into the former before 130.25 (at the highest) and the latter 83.40 at the very highest. It looks at though both pairs are going to re-trace at least some of their losses over the next few hours / couple of days. I have a feeling that by the end of the week, the yen will weaken and both pairs will rise.
I am betting on a fair-size rebound on both pairs - most likely by the end of the trading week. As you can see, the EUR/JPY re-tracement has already been considerable.
I will have to agree with you Trend…
I’ve made some good money with the Yen, pretty much the entire month of Feb.
Look…we just don’t know what it’s going to do next.
This is what we do know.
It has trended most strongly, against all others, so much that it’s reflected, not only on the daily time frame, but weekly time frame as well. Monthly time frame has not been caught up yet (cause it hasn’t been all that long of a strong trend).
In my time frame analysis, which is the daily, it hasn’t turned lower, compared to the others yet.
I show the USD gaining a lot of strength, on the daily time frame.
That’s all shooting from the hip at the moment. I don’t have my data with me now. But, let’s just remember to keep all things into perspective. It’s always best to see a change before it takes place. No one can predict tops or bottoms.
And no one knows how long trends last. They can continue on for a long time.
So, Capper, buddy. Be careful. Watch how much risk you put on.
Relax.
Watch.
Be smart.
Follow.
Guys, I was hoping for a quicker reversal. This is one of those times where the JPY got stubbornly strong and didn’t revert. Based on my experience with Japan and the yen, I think the outlook on a long-term basis is for Nikkei and yen weakness. However, there is far too much volatility in currencies to be worried about that when your average trades are opened and closed within a few hours to 5 days… I believe that people rely on long-term issues and forecasts far too much as a result.
I think it is always smart to consider 2 things when opening trades: (1) What is the short-term prognosis of this pair / these pairs? (2) What is the long-term prognosis of this pair / these pairs? If you feel that both the long-term and short-term prognosis is similar, you are more likely backing that currency pair into a corner and may have a win-win situation on your hands. It might just be a matter of time as to when you can and / or will profit.
The biggest mistake that I believe one can make is ‘trying to force trades’ rather than taking advantage of an active market and seizing such opportunities to open new trades.
In regards to the recent rise of the yen vs. some of the major currencies, I think I am guilty of jumping on it rather than proceeding more cautiously… Time will tell. Retraction has begun and we are early in the trading week.
I just cashed out on my EUR/JPY trades that I went hard on last week! I did okay but didn’t make big money ($728.85 to be exact!). However, the damn CAD/JPY is giving me a hard time and I’m stuck with some of those trades pretty bad. Anyway, here are my completed trades from the EUR/JPY fiasco!
Right after I posted the above, I went in and placed 3 new CAD/JPY buy limit orders at 82.0, 81.975, and 81.95 @ 1.0 leverage each. I feel that this pair is going to rise back up this week - all the while there will be ups and downs. I think we’ll see 84 again in the next couple of weeks. Just my speculation, take it or leave it! Here you can see the CAD-JPY chart with 1-hr candles. You can also see my 3 buy limit trades - one of them just started!
