AUTOREFRESH 
USD/JPY: perhaps there is a chance of the big 15% move
By Sean Lee || February 25, 2010 at 22:53 GMT
|| 5 comments || Add comment
Early last week I wrote about a very successful macro trader who has a proprietary technical trading model. He anticipates USD/JPY falling towards 75 in the coming months. His GBP/JPY analysis was even more bearish, in fact it seemed so outlandish that I don’t think I even mentioned it. Perhaps I shouldn’t have been so quick to judge.
However we may argue with the fundamental outlook, there are still some very credible people in the market who can see big moves happening and we should take their views/analysis into account when taking our trading decisions.
On the day, I prefer the sell-rally strategy and I consider any levels towards 89.80 to be decent entry points.
Since I trade GBPJPY, the curiosity’s killing me … I’d assume GBPJPY was to go at least to 118 … was it less than 100? I’ve seen 85 /75 forecasted as well.
I knew someone had to ask!! 105 to be exact Thomasio and to be fair to him, GJ was at 142 at the time.
I think there’s a better then average chance G/Jt is going to revisit 120 again.
105 is not unreasonable. There’s the 4000 pip drop the week of Oct 24 back in 2008, when fundamentally things were better back then … when all the UK skeletons come out of the closet, look out. Challenge is, entering for the drop at the right time, and having the guts to ride it out.
Yep Thomasio, that’s always the big challenge. Lets hope it rallies to 138ish today and then at least I can try and get in on it just in case….