FXWW News/Technical Analysis/Trade Ideas/USD/JPY

USD/JPY: Bullish break-out confirmed

This is the chart that the USD/JPY bulls are looking at (see chart) and it does present quite a compelling case. In a perfect world we would wait for confirmation when 100.50 is broken and then buy dips for a move to 108. The world seldom works in perfect order but maybe it will this time.

Personally I’m leaving it alone as whilst it looks and feels bullish, the stories about already huge long positions in USD/JPY has me worried.

  1. Sean , i cannot express my pain in words. i picked usdjpy the night of FOMC at 98 dot but got stopped out..i was a little nervous understandably with the dollar getting spanked all round, and now the pain to see this fly. got a wait for a pullback i guess.

  2. hi sean.as i see you confirmed the bullish usdjpy.i have a question,2 weeks ago usdjpy closed on reversal candlestick pattern and last week it closed with continuous pattern, friday candle closed in bear confirm,and possibly there is a bearish head and shoulder chart pattern in D1(check the last 3 candles on weekly also).and in h4 timeframe we see sup of 99.17 (tested 2 times,it may break in third) and in up side of these candles shadows are not regular as they are in down side.but on D1 we have a white cloud cover in thursday which is a strong bullish signal.after all,does it mean more chance of bearish for this week ?
    thanks

  3. Morning Araz, sounds like a perfect set-up for extended range trading. Too hard to pick the timing of ups-and-downs so best be patient and sell rallies or buy dips according to your personal bias. If strong technical signals are so mixed, then surely sideways probing until one side wins

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