long scalp? target recent high - divergence suggests.
chart update, exited poor short on 4hr close below 82 - sometimes i forget to check the big tf then work back…schoolboy error!! anyway.
I have speculations of this pair to fall sometime soon? Head and shoulders forming within a pennant that have tested (once) the resistance. Along with my previous pattern alignment, it shows that if it drops it would continue in the downward trend? Or would this “new upward trend” be the new trend?
Nice chart mate, agreed it does look vulnerable to a pull back doesn’t it. I am bullish the pair and would like to get in at cheaper levels. 82 important near term level for me. Pa on the daily bounced off 82 and formed a bullish hammer (correct me if im wrong - still getting used to candles). so i think that shows willing buyers above 82. There is neg divergence on the daily though (per my chart) so we shall see.
For long term, yes, it would be wise to go long. I was referring for short term. I took a second look on the pair and it shows testing of the resistance two times within this week. Also, note that this pair has reached a 4 month high! I was analyzing the graph again and see that is bouncing between the pennant. I expect that the pair might fall downwards to around 82.10~82.00. However, that is a speculation. If it breaks this level, it will break the pennant and support line which is believe will continue with the down trend. However, it can just as easily touch the support/pennant and shoot upwards (just like it did on 27 Nov)!
So in the end, I am going to be extra careful when shorting/buying this pair.
Valid comments mate, appreciate the input. Here’s to a good upcoming week (hopefully)! Cheers. G
No problems! I believe knowledge should be shared and not taken upon greed! Happy trading! I will continue to support your USD/JPY thread as long as I see patterns forming.
Are you catching any of this action? IT IS CRAWZYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY!
EDIT: Target profit levels reached!
Morning mate, good work. Keeping eye on 82…we lose that and it’s hello 80.6!
Losing the line…
Look at the new trend! Can be continuing the downtrend from last weeks formation.
Hi guys, ok time for $JPY update (the crowd roars!)…
I’m bullish - couple of candle patterns of note giving conviction. (bullish engulfing). this pair deff has desire to stay above 82. i’ll go long around the 82.07 mark (would rather 82.05 - recent swing low - but wouldnt want to miss entry for a couple of pips…) - target 83. remember there is a barrier at 83 - gunning for this!!
83 toast!!! out and watchin now.
barrier @ 85 apprently. pa has paused but its prob only a matter of time before 85 is taken. this thing is a freight train!!
RSI over 80. That’s a strong sell signal, IMO.
“A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.”
hey mate, RSI over 80 is deff something to be aware of but i wouldnt rely just on that alone as a pair could remin OB for some time. ilike to use something like this with some extra confirmations. for instance candle patterns, supply/demand areas etc. interestingly enough, Fri daily close posted a shooting star candle so you could well be right about a pullback next week.
I agree. Price should be the only signal that should trigger a sale. While USDJPY reversed on Friday, to me my bias is still long. I think I would like to see price continue to move down first before committing to short.
This very well could be a retracements as people start taking some profits before price continues to move up.
For now my long term bias is bullish.