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Usdjpysell

USDJOY-SELL strategyNo change in view. The pattern and market condition still the same. we are overbought for the medium-term (coming few weeks that is), but would suggest picking sell levels and not to just jump in. Also I wish to explain, that my personal strategy is scaling in to positions carefully. This does not mean that I can predict highs or lows, but trying to find a good mix of entered transactions to create a profitable one in the end. That does mean negative floats that are manageable. This is in responsive to some comments, whereby some are creating a blaming session towards me. It is always the responsibility of the reader to take positions and manage them. If one cannot manage them, they should have professionals manage it for them in stead. Trading is a difficult profession and not all will be successful. Anyway, let's focus on where we are right now. Coming back to the strategy, I see this as follows: SELL @ 122.60-80 range and SELL again @ 123.50-70 for a move to 119.27. I think we may see even lower then this level.
Short
by peterbokma
USDJYP- SELL strategyThe short-term SELL suggestion worked very well, and the profit was taken @ 121.41 (instead of 121.17 order). This means the short-term seems corrected a bit, and now we place focus on weekly chart for a medium-term objective. The strategy is still same, we SELL in rally, and build slowly the position. That is why for now, weekly charts is overbought, but corrected a bit due to the short-term correction. Strategy is SELL @ 122.60-122.80 (small leverage) and add further @ 123.30 and @ 124.30 when seen. Profit order overall is 119.20 for now.
Short
by peterbokma
USD/JPY is waiting for the big correction. Get, set & ready USD/JPY has been rising since January 2021. It becomes unstoppable. As all beginnings have an end, no matter how high USD/JPY rises, it will wear out very soon. But firstly, we have to understand why it is rising. Why is the Japanese Yen weak against all currencies despite being a safe-haven asset. The Bank of Japan itself acts as the mastermind behind the weakening of the Japanese yen. I have been trading since 2007. I saw from the beginning that the Bank of Japan would weaken the Japanese Yen by intervening whenever they got a chance. Since Japan is an export-dependent country, the weakening Japanese yen is good for the Japanese economy, At list Bank of Japan thinks. There are several other reasons why the Japanese yen has been weak for more than a year now. At the same time, the Bank of Japan wants a weaker yen. On the other hand, in this time of inflationary pressure, where almost all banks, starting with the Fed, are raising rates, the Bank of Japan is announcing that it will not raise rates. By doing so, those who will invest in Japanese yen are also falling behind due to not getting an overnight swap. After World War II, Japan retreated a lot militarily, but in recent times, due to Chinese domination, Japan seems to be regaining military power. This is the main reason why investors are ignoring the Japanese yen as a safe-haven asset. Switzerland is much more neutral. Due to this the Swiss franc is still getting the benefit of safe haven. Japan has also been neutral for a long time. But in recent times, Japan has been trying to break out of its neutrality and create a ring of its own. For all these reasons, the Japanese Yen is not able to take advantage of this crisis even as a safe haven. However, if oil prices continue to rise, the Bank of Japan will not be able to keep the yen weak even if it wants to. If the yen is too weak to raise energy prices, Japanese companies will have to pay a lot more to buy oil. In doing so, the Japanese economy will suffer from the disadvantages of the weak yen, rather than the advantages it had. USD/JPY is only 400 pips away from its all-time high zone. I think it has now come to a level very close to dropping in the long run. Technical Analysis If USD/JPY’s weekly candle closes below the 122.50 price zone, there is a chance that USD/JPY might drop from the current level. On the other side, closing above 122.50 price zone may lead the USD/JPY 124 to 125.00. From my view, correction is a must on that level and hopefully 122.50.
Short
by Gold_Trading_Expert
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