USD/JPY Today for Newbies need confirmation

[justshell]

Okay so it started retracing back towards the downside,I originally thought it would go up to the 113.648 - 84 resistance level, then retrace back down,it;s all about learning from your mistakes in order to minimize them ,I’m already looking forward to next week !

[momoisnyc]

Yeah I see the retrace forming it was about 1 pip away from my TP line. I definitely felt I placed the trade into late, my initial plan was to take it @ 113.550 just to 113.650. Like you said you learn from your mistakes most importantly. My trade is still in, SL @ 113.400, I’ll let it wade out for the weekend anyway since I’m only risking 1 unit. Hoping for a smooth deal or a hampering that’ll cause a flutter on the Asia side.

[justshell]

do you normally keep trades open over the weekend? That’s scary as hell lol but as as long as your SL is set at a good level then you should be good either way

[momoisnyc]

No I usually don’t but again when I’m literally only risking 1 unit so I don’t actually mind. I’ll be losing fractals of a cent if anything.

[Blade_Forex]

Yeah the stop loss helps, but if price gaps past your stop it can still be catastrophic. Most of the time holding over the weekend isn’t a huge deal if there is no huge macro events going on. Just pray for no wars to break out lol

[Blade_Forex]

Looks like you were right on the initial push down, but it came right into demand. Are you generally trading shorter term time frames? If so that short may have worked out but I liked the Long entry at the 240min demand level. Took it up to 113.7 last two days for 50 pips.

[momoisnyc]

Yeah I trade on the shorter time frames (15MIN,1HR,4HR) so I usually would’ve started pushing my SL as soon as it passed the 5 pip profit I just wanted to see how it’ll marinate. I’m usually in and out of a position within the day.

[NIN9]

USD/JPY closed at 113.50 having limited potential for the upside. According to technical readings on the four hour time frame the price is barely holding above directionless moving averages, while the RSI aims marginally higher around 54 but the Momentum maintains the sour tone below its mid-line. Nevertheless, and as long as the pair holds above 113.20, the risk is skewed to the upside.

[momoisnyc]

I took a quick profit at 113.660 earlier today but sheesh USD/JPY has slid crazily down to 113.400 which is weird caused USD is performing good against the other basket of currencies.

[Alekxandra]

USD / JPY is moving in a downtrend. Tenkan, Kijun and the cloud are lined up in order of seniority periods. USD / JPY bounces from Kijun down. Today, the “absorption” candlestick pattern has been formed. Stochastic at 80, bulls are full of energy. Sell.
Daily

[nu_bee]

I don’t know Alex I think your Ichimoku strategy should b traded the opposite direction in the long term. I brings decent pips! I saw a similar analysis you shared on the cable and it gives more profit if traded the opposite of what you posted.

What to do? Just do you, make your analysis as you do then trade the opposite.

[Alekxandra]

It seems USD / JPY can not overcome the resistance of the blue line Kijun. It is sad. I spend a few days shopping in a losing position. Stochastic has reached 80 and is now moving down. The red line Tenkan turned up, it is encouraging.
Н1

[Alekxandra]

USD / JPY has fixed above the Tenkan line. The stochastics are already at 80, the bulls have little strength left, but they are there. I think USD / JPY will move up to the border of the Ichimoku cloud at 108.80.
Daily

[fxstrategist]

The USDJPY pulls back above the 108.00 level, but the 55 day EMA may act again as resistance. To the downside, the 106.78 low may act once again as support.

[Alekxandra]

I want to start buying USD / JPY near 105. Who has thoughts on this subject?
From 105 USD / JPY began to grow earlier. Stochastic is already oversold. We are at the bottom of a very large corridor. Or will there be divergence and USD / JPY will start to move up now?
Weekly

[justshell]

I believe that price will rise for UJ, it made a nice bullish move yesterday so price may continue to rally in that direction.

[jjdenver]

I have an open position on USDJPY and EURJPY, both slightly negative. Any suggestions/thoughts on where I should set SL while waiting for markets to open on Sunday? Just get out to minimize loss or any specific SL position that makes sense?

[Alekxandra]

USD / JPY may reverse from these levels, but I will wait for it below, at 104. So far I do not see the prerequisites for an upward movement. There are some divergences on the oscillators, but very ugly.

Н4

[justshell]

imagine if you would have had a buy stop in place,UJ shot up big time today,it was ranging for a while

[fxstrategist]

There is a possible death cross pattern on the USDJPY weekly chart, but the price is currently stuck between the 106.00 level and the 106.78 level. The bearish trend is still in place and if the death cross is confirmed, then the price may drop to the low at the 104.63 level.