FXWW News/JPY crosses/Trade Ideas/USD/JPY

USD/JPY outlook: Trading right at top of wedge formation

  • Break out of consolidative wedge formation (see chart) should see prices testing 101.40;
  • Hedge funds have been buying heavily again over last 24 hours on divergent CB policies;
  • Recent history suggests caution however as this pair has been in consolidation mode and risk-reward favours shorts with stop above .9910;
  • JPY crosses starting to look bullish but no major technical breaks yet in any of major pairs.

If bears like me start getting bullish then it must be close to the top! Patience required here; if 99.10 breaks then we can start buying dips quite aggressively but otherwise its probably best to wait and see what happens. Also watch the main crosses for any significant signals.

  1. Thanks for the post Sean! I think im just going to take an early start to the weekend and stay away from trading today. sean i was wondering, remember you use to do morning post daily before almost daily, are you going to continue to do those in the future, or did you quit doing those since you have so much going on?

  2. I’m trying to do morning outlook for major pairs as it helps with my own trading. In future, I think most daily commentary etc will be in chatroom but I will keep putting my own ideas on blog at Asian open and Euro open. That’s the plan at least 🙂

  3. Well as long as you keep posting cause I’m addicted!!!! and as for the chatroom, well it’s full of a bunch of Serious Forex Professionals. AMAZING!!! Even if I had the option of talking there, I dont think I would do it for at least a YEAR. hopefully reading their comments and researching why and how they came to the conclusions can better fine tune my own skills. Thanks for the opportunity And sorry for posting off topic comments on the JPY page (like im doing now), will try not to, but sometimes cant help myself!

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