All Entries in the "Jpy" Category
Elliott Wave Analysis of GBP/JPY Sterling Yen
The Sterling Yen cross, or GBP/JPY has been a bit difficult to trade for most people in recent weeks. Clearly the easy-money days are gone. Yet, one can hardly recommend a buy here. The sentiment is overwhelmingly negative and we don’t know how much exposure UK banks have to the smaller Spanish Banks. Using Elliott [...]
USD/JPY outlook 17 December 2009
Here is the outlook for USD/JPY in the near term. The first chart shows you some classic relationships between alternate waves. Interestingly, the point “Y” is not the absolute low. We have allowed that because it looks like a spike in the price. The second chart of USD/JPY is an hourly chart. When one is [...]
Yen breaks higher
The 50-point down move that happened from 88.48 to 87.97 is hardly a consolation when considering the 279 point move that followed. I hope you moved your stop to break even as advised, but even if you had not done that, your loss should have been no more than 20-25 points. In case you had [...]
Has USD/YEN bottomed?
Morgan Stanley has just issued a research note saying there are several reasons why they think the USD/YEN has already bottomed. They are recommending to buy the currency pair with a stop at 84.50 and they think we will see 101 over the next 12 months. I think we will probably get much better levels [...]
EUR/YEN will give you clues
Whether you are thinking of selling USD/YEN or EUR/USD, I suggest that you keep an eye on EUR/YEN. There is some initial resistance just above 131.10, but assuming we break above that, then a nice place to sell would be 132.55. But we may even experience some problems near 132.10. From between 132.10 and 132.60 [...]
USD/YEN trade idea
There has been a lot of noise recently about the strengthening Yen. On Friday, the currency pair has closed marginally above a downtrend line of resistance, and this potentially sets up a low-risk trade for the patient participant. I am not saying that we will see a significant recovery in USD/YEN, but in case you [...]
Fifth wave opportunity: USD/YEN case study
In this case study of USD/YEN, I will show you how one could have used an extending fifth wave to prepare for a profitable trade. Let me start by asserting that the main goal of any trader is to identify low-risk trading opportunities before a move actually takes place. Once such a trading opportunity is identified, one should be patient for the right moment to pull the trigger. Elliott wave analysis offers one very clear trading set up that invariably produces impressive winners.
Low-risk trade idea on USD/YEN
Its been a while since I posted a Yen chart. We have been running into some selling at 96.23. Considering that the low seen earlier today was 94.50, even this is a strong move. Part of the credit for the recovery goes to the Japanese Finance Minister who said that rapid forex moves was undesirable for economy. and there is a need to avoid rapid forex moves at all cost.
USD/YEN is a sell on next recovery
Anyone who has traded the Yen knows that it is a different animal from the rest of the pack. But there is one undeniable fact about this currency, it is a trending currency. Once it sets off on a trend, it stays with that trend for a long time.
USD/YEN still a sell on rallies
Sooner or later we are going to get a corrective bounce in USD/YEN. But the downtrend is still strong and we should be willing to try shorts at key levels. If we surge higher today, then you can sell above 101.70 with stops at 101.88.
USD/YEN getting ready for another sell-off
Think the USD/YEN is toppy between here 103.65 and 103.90 and should come off to 102.45 later on.