USD/JPY still drifting lower: Technical support looms

The first level of support is a recent hourly low at 80.13 and there are stronger levels at 79.85/90, where a daily low and the 200-hour MA reside.

7 Comments

  1. Id say plummeting,

    What do you think of a buy at 79.90

  2. Overall trend still up dot you believe…any thoughts or rumors

  3. Hi Sean, the Ichimoku cloud seems to be much in focus. Saw another one from BB.
    http://www.bloomberg.com/news/2012-02-27/yen-to-fall-10-versus-dollar-on-ichimoku-cloud-breach-technical-analysis.html

    This week’s retrace might be a good chance to build long. We’ve got NFPs coming up next week which should help the cause I reckon. Been disappointed before though…

    Japanese retail traders are still net short EUR/JPY as of 2/27, which I thought was interesting after last week’s strong close. (http://www.tfx.co.jp/mkinfo/document/fx_sellbuy.xls)

  4. Thanks fxgai, is there an English translation for the retail data?

  5. Sean, I just copied that table and pasted it into google translate and it came out perfectly . http://translate.google.com/#

    And are you still bearish/looking to enter on the Aud? This year I turned my first profit in Forex that was of significant value, but these markets .. I just can’t comprehend the charts much past a few hours .. is this just me? or are they really that bidirectional for the time being?

  6. Sort of, the recent data for the past month is all on the second sheet in the Excel book, and the English words are shown below the Japanese text (currency pair names/short and long).

  7. Ok sorry about that, thanks. Yes Mike I’ve got sell orders in at 10830 to see if range top holds. If we all traded the ranges more of the time and didn’t always look for directions, I think we’d all do a lot better at our trading.

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