Good day traders!
Trade update on 12th Oct 2010:
Trade closed at 82.3 for 40 pips gain. (Decided to exit trade due to reasons related to price momentum. Weak upside Momentum in the correction )
usd jpy chart analysis
USD/JPY Trade
USD/JPY Trade Taken, Long Trade at 81.9, 11th Oct 2010 8.05am
The chart shows a setup for a long trading opportunity. I see that the price have touched the lower down trend line and there is a possibility for a correction up. Also, the candlestick with the long shadow tells me that there is quite a support at 81.4 to 81.8 levels.
I have taken a trade at 81.9 and targeting 83 (110 pips). Stop loss is just below the long shadow candle at 81.2. (70 pips).
Wishing you success to your trading!
~ Ardy
Hello Ardy,
I am not a trader. I am retired guy living in the the beautiful evergreen state, and specificaly in the city of subdued excitement — Bellinghmam, WA. I blog quite an bit, and one of my frequent topics is the yen carry trade. Well today, October 1, 2010, marks a historic turning point, as the carry trades are unwinding. Get ready for some investment shock and awe.
The US Dollar, $USD, turned up; as did its 200% ETF, UUP.
The USD/JPY is likely to turn up from 81.8; and thus accordingly ETF JYN will fall lower.
You are the man Mr Ardy’
To the millions’
So are we expecting a continuous downtrend?
Previous 83.1 was back 07/10/10 and did you use fibonacci lines to determine your target of 83.1?
How did you determine the weak upside momentum? Cos as it is Stochastics is trending up
Hi Metacux. Your recent trades on FB looks great too. To the millions to you too bro.
Hi Amino. Looking at USD/JPY price right now, I think it is targeting the round figure of 80. I am expecting continued down trend and maybe Bank of Japan intervention at 80.
On momentum, only time on the screen can teach you that as it is both visual and analytical. Also, my most recent chart shows that the 21ema is proving to be quite a resistance.
Cheers!
Hi theYenGuy,
Thanks for dropping by my blog and thanks for the tip on the Yen. I will keep a lookout at the levels that you’ve mentioned.
To your trading success.