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USDJPY Daily
In my 3 decades of experience with Yen ( my first major lost was shorting it in similar situation ) , what I see is continuous run to 162.
As long as 157 holds its ground.
And to be even more exact, I expect tomorrow another leg Up , just like on Friday – straight for the 162.
Second possibility is to see a pull back to 157 area and then within few days to hit that target.
Call me a degenerate trader ( no offence taken) but I just can’t see it any other way…yes, there is always a first time for everything, but not on Yen .
If BoJ tries to stop it right now, they are degenerate bankers….as I said : Blow of Rally, and then they step in , together with major players taking their profits.
USDJPY 4-HOUR CHART – ONLY ONE LEVEL MATTERS
Looking at this 4-hour chart, the only level that matters is 154.95
I am sure that the BpJ is looking at the same level as the one that would need to trade below to negate the latest leg up.
On the upside, it is pure guesswork with 160 the next “big figure” target.
After weeks of so many speculations and questions: “ Is BoJ going to intervene and where “ we got a simple answer – NO
Even if Boj did some undercover work and used lots of senseless blubber, the market did not flinch.
WHAT COMES NEXT FOR USDJPY AFTER BREAKING 155
USDJPY Weekly
We have some interesting levels to watch ;
Resistances at 156.000 & 156.750
Supports at : 153.500 , 152.000 , 151.500 & 150.000
THIS WAS A VERY TIMELY BLOG ARTICLE
WHEN YOU SEE TWO CURRENCIES MOVING IN OPPOSITE DIRECTIONS (JPY DOWN VS THE USD, OTHERS MOVING HIGHER), IT IS THE CLEAREST SIGN THAT CROSSES ARE DRIVING THE MARKET.
IF OTHER CURRENCIES DID NOT MOVE HIGHER, USDJPY WOULD BE EVEN HIGHER TO PRODUCE THE SAME CROSS-CURRENCY MOVES.
AUDJPY DAILY CHART — 100.80
No change to what I posted this morning where I pointed out the 100.80 breakout level that needs to become support to open the door on the upside.
The move above USDJPY 155 has eased some of the pressure on crosses to absorb the JPOY selling but is still one path of least resistance.
USDJPY 4 HOUR CHART – A LESSON TO BE LEARNED
I learned a long time ago that you can not rely on central banks to protect your position. The trader landscape is littered with blown accounts by those who bet on central banks.
So, the question is whether this is another one of those times with the BoJ being called out on its intervention threat as USDJPY trades through the next presumed line in the sand at 155.
With 155x now taken out, this is the only level on a chart that has any meaning as USDJPY trades to a new 34-year high.
So, 155 will determine whether the market will push higher into uncharte3d waters.
Many new traders have not experienced intervention and even those who have traded on this event, it pays to have a refresher to see which type tends to be most effective. I call it an intervention primer.
USDJPY MONTHLY CHART
Let’s try something different by looking at a monthly chart with USDJPY extending its high to within 3 pips of 155.
The pattern that stands out is higher lows/higher highs each month this year. For any intervention to have a hope of stemming the tide, this pattern would need to be broken.
It is hard to remember a stalemate or should I say a pressure cooker like this,,, which will be put to the test on Friday (if not before) when the BoJ meets and Japanese and US inflation data come out… See full previews and detailed analysis
AUDJPY 4 HOUR CHART – TRYING FOR A BREAKOUT
AUDUSD OUTPERFORMING AFTER CPI DATA WHILE USDJPY REMAINS POISED JUST BELOW 155 DESPITE MARKET ON INTERVENTION WATCH
AS FOR THIS CROSS, THE KEY LEVEL IS 100.80, SO FAR ONLY BRIEFLY TRADING ABOVE AND NEEDING TO BECOME SUPPORT TO BUILD MOMENTUM INTO UNCHARTERED WATERS (I.E. NO CLEAR RESISTANCE OTHER THAN THE MOST RECENT HIGH = 101.01 SET EARLIER).
