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USDJPY Channel Intact

by Ashraf Laidi
Jul 20, 2009 11:24 | 42 Comments

USDJPY Channel Intact - JPY Jul 20 (Chart 1)

Theres no change in the declining trend of USDJPY despite the recent 300-pip rebound from its 91.70 low. The previous resistance of 94.40 was broken but 95.00 and 95.80 persist as the barriers within the falling channel. The 55 and 200-day moving averages (95.93 & 95.29 respectively) also loom as points of resistance. Unlike in Feb-March, improved Japanese macro data yens advances, with medium term objective standing at 93 and 92 (end of August). The chart is a WEEKLY illustration, which means we may not see sub 92 until month end at the earliest but this also means that recoveries remin short-lived.

 

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Comments (Showing latest 10 of 42) View All Comments
Ashraf Laidi
London, UK
Posts: 0
16 years ago
Aug 16, 2009 21:54
Japns Q2 GDP due 23:50 GMT expected to show end of recession and bolster our $USDJPY shorts

Ashraf
Ashraf Laidi
London, UK
Posts: 0
16 years ago
Aug 16, 2009 21:49
brysown. good to hear. how far do you see the low?

Ashraf
brysown1
Canada
Posted Anonymously
16 years ago
Aug 16, 2009 21:41
#USD/JPY, I started another short position Friday, I've been shorting it since .97's
Seems to be quite content to follow range pattern on longer time charts. Time will tell
Ashraf Laidi
London, UK
Posts: 0
16 years ago
Aug 16, 2009 21:22
Steven, thanks for that link.

AVG, did you see the USDJPY trade on the latest HOTCHART in the website. you must. I'm bearish USDJPY. Theres chance of seeing 95.40s-50s briefly but I expect lower USDJPY into 92. Please read that HotChart and previous analysis on the chart.

Ashraf
Steven Blyth
London, UK
Posts: 148
16 years ago
Aug 15, 2009 1:03
A_V_G. If i may. If you have taken a position in USDJPY then you should have an opinion as to where it may be going. Most feel its a good short to the low 90 range for the end of August.
A_V_G
Singapore, Singapore
Posts: 38
16 years ago
Aug 14, 2009 20:36
Hi Ashraf,
I am new self FX trader....Need a quick advice...... I am Long USD/JPY at 95.181.... Can u pls advice, what is the forecast for USD/JPY.... Whether it will go above 95.181 or below 95.181..... How long shld i hold me position..... Thks....
A_V_G
Steven Blyth
London, UK
Posts: 148
16 years ago
Aug 14, 2009 20:02
For those of us interesting in USDJPY.

"Another bearish factor weighing on the pair is a news report from Nikkei newspaper that Japanese exporters have lowered their hedges from 9500 with Toyota now targeting 9000 and Sony 9300. If true, the drift below 9500 may no longer be as detrimental to Japanese economy as it was at the start of this year and will therefore face less resistance by Japanese monetary authorities.

Taken from fx360.com from a larger article:http://tinyurl.com/qdgp9a
Ashraf Laidi
London, UK
Posts: 0
16 years ago
Aug 13, 2009 13:53
raj, bad US data good for USD and for JPY. nothing new there

Ashraf
Steven Blyth
London, UK
Posts: 148
16 years ago
Aug 13, 2009 13:10
I have come to realize (and read) that trying to find the tops and bottoms of things is just to risky though i'm guilty of it also. Ideally wait for confirmation of moves before taking a position. Thus NO shorts yet people! :) Just thought i'd pepper the forum on my staycation. Good luck.
14raj
Kolkata, India
Posts: 210
16 years ago
Aug 13, 2009 12:43
Ashraf,
I just shorted EUROJPY at 137.30,even short NZDJPY at 6517.Your comments will give me confidence...
regards,
Rajib.
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