Comments on: JPY crosses looking a bit fatigued

By: Sean Lee

Sean Lee — Mon, 26 Nov 2012 22:17:09 +0000

Hi Asad, great chart, thanks for that, not something I look at very often.
Yes it is a perfect looking formation BUT the pennant/flag is much too big compared with the ‘flagpole’ and I don’t like that. The flag is half as big as the pole. I’d be prepared to sell a bearish break I think as I don’t see the formation as being definitively continuation. Just my opinion and as with all technical analysis its very subjective

By: Asad

Asad — Mon, 26 Nov 2012 22:13:45 +0000

correction, chart is from 2003 but Trend line starts from 07/2009

By: Asad

Asad — Mon, 26 Nov 2012 22:11:24 +0000

Good Morning every one,

Sean Can you have look at the following chart.

Its weekly JPY Index, from Mid 2003 till now. We have a very strong resistance / Trend line which has stood all tests since 07/2009 ( Six Test). It holds or not this time, don’t know but Index appears to be bouncing at least.

Along with, Its a perfect Pennant / Triangle which as per my understanding also suggest gains from here ???

your opinions matters most!!!!!!

http://imageshack.us/f/198/jpytline.jpg/

By: Sean Lee

Sean Lee — Mon, 26 Nov 2012 07:24:34 +0000

No mate way too short term for me, still running small short positions in cable and aud/usd but without any strong conviction i’m afraid to say. Waiting and hoping for the lights to come on soon 🙂

By: Papillon

Papillon — Mon, 26 Nov 2012 07:10:51 +0000

Morning Sean,

It seem that the friday call for USD/JPY (sell at 82.50/60 , stop above 82.80) was a good idea, this overnight. Did you jump in ? If i understand your advices, it would be the time to buy back 😉