USDJPY Approaches Key Support Level

[Rambo35]

The Japanese Yen continues to offer traders plenty of opportunities and after a strong rally we saw a reversal trade seven trading sessions ago. Now the USDJPY is approaching the 100 level from the other side and there are plenty of orders waiting at that level. A valid breakdown below that level on a closing base for more than three consecutive days could lead to a much bigger sell-off.

Are you in the bull or bear camp? I think both sides have larger orders going both ways at that level and all the way down to 99.00. We will soon find out how many will jump ship and if this major support level can hold or if the bears will have it their way for a few sessions.

What do you guys think?

 

[hayseed]

camps

hey rambo...... i'm long and been long for considerable time......

96 or 97 would benefical for me...... having so may orders closed above 100 last month, it would give me a rare chance to re-enter those trades.....

todays the 5th, so by my calculations in only a few days we are fast approaching 50% of the average months atr..... i see that as a positive.....

the volitialty will probably whack both bulls and bears alike..... this again, i see as a positive.....

lookin at the forex calendar, it could easily move +/- 200 pips in the next 2 days...... i'm ready......h

 

[Rambo35]

Thanks for your input. I am looking to enter my longs below 99.00 if the pair stabilizes. I think if we close below the 99.00-100.00 level for a few days in a row we could easily see the levels you mentioned as beneficial.

 

[hayseed]

96

dang...... who the heck said 96 would be beneficial.....

.... oh yeah..... that was me..... .....

somebody remind me to keep my big mouth shut......

i was just kidding ms market...... if your still around listening, 106 or 107 would be benefical to me......h

 

[Enivid]

Long-term (daily) trend is still up, so there is nothing to worry about, Hayseed .

 

[mumuy]

Long-term since the NFP is schedule for today it might say on the positive territory.

 

[Rambo35]

I just took some longs and think we will re-visit the 100 level before the end of the summer.

 

[hayseed]

worrys

Long-term (daily) trend is still up, so there is nothing to worry about, Hayseed .

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hey enivid..... .... what concerns me is adding new trades against the tsr..... the tsr has been leaning towards sells for the past 14 days...... hopefully the daily will end strong..... but it will be 4 or 5 days before the daily tsr turns back up......

i used to get worried everytime i was not worried..... figured at that point i had to be wrong.....h

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