Comments on: USD/JPY: Favour selling intraday rallies for test of 98.30

By: Sean Lee

Sean Lee — Tue, 16 Jul 2013 22:42:35 +0000

Really like selling this pair Kailash, if and when the stars are aligned. Looks like good r/r medium term play to be short near 106 with s/l above 10750.
I’m already short this pair thru legs as Im short eurjpy and long eurchf, altho with tightish stops on both

By: Sean Lee

Sean Lee — Tue, 16 Jul 2013 22:39:08 +0000

Exactly my thoughts Sean as well. Lot of false breaks in different pairs but oversold AUD is one big mis-alignment in mkt which needs to be addressed

By: kailash

kailash — Tue, 16 Jul 2013 22:31:00 +0000

do you track CHFJPY at all?

looking at the charts – tiny H&S in the making i believe.. it has a major resi @106 and a break below 103 gives way to more losses

… and going by the JPY strength off-late i suppose it has major downside risk. any thoughts ?

By: slo87

slo87 — Tue, 16 Jul 2013 22:30:20 +0000

I would favor playing 89.50/93.00 range in AUD/JPY. Looking at the 1 hr chart we see something different imo. the low on friday till now has been somewhat of a straight up trend. The previous weeks we saw some modest dip but this week we haven’t had such. I think we could potentially be in the midst of a very early up trend. I think confirmation would come with a couple daily closes above 93.

Also given the massive selling in AUD in general there will be a massive short squeeze to the 95/97 area before the downtrend starts again.

Your thoughts?