FXWW News/Trade Ideas/USD/JPY

USD/JPY: Bulls should be patient and wait for 93.50

Bearish momentum is very strong at the moment but bulls shouldn’t give up hope as they have the strong long-term trend in their favour.

If you can remember back to the extreme volatility we had after the BOJ April meeting? I remember it well because I was short going in to it and managed to buy those back at 93.40 just after the statement was announced. Clever move indeed, but not clever enough to go long as it rallied 1000 pips from there 🙁

I think that 93.00/50 level should be very important again and long-term bulls can consider sticking in a small ‘speculator’ somewhere near those levels.

  1. I like the thinking Sean, not worth buying until it looks really ugly, a nice 200 pip drop today during Asia time would be luverly.
    Things would be very interesting should USD/JPY close below 92.50 though. The whole USD/JPY rally post Kuroda’s 2-2-2-2 plan will have become an Enigma.

    Then again there is the weekly jobless claims out of the US tonight. Probably won’t be anything stunning, but with job growth seemingly steady there longer term I much prefer USDs to JPYs.

  2. Hi mate, was wondering when you would turn up 🙂 The USD/JPY bull 🙂 You’re 100% right with 9250 though, if it closes the week below there then watch out. But risk reward for now suggests to me that 9350 is worth a try?

  3. I’m a USD/JPY bull but also just hold a strong desire to hedge myself against being resident in Japan where the clowns in Kasumigaseki have little clue about anything…

    Don’t see anything wrong with longs from 93.50, I’m just hoping to get lucky with a nasty spike even lower. I don’t see much has changed lately, except specs taking profits, as they should. I think they’ll come back in with fresh longs again when things look hopeless, I know that’s my strategy!

Leave a Reply

Your email address will not be published. Required fields are marked *