View Single Post
  #67  
Old 04-09-2010, 17:30
MDunleavy's Avatar
MDunleavy MDunleavy is offline
Level IV Lasers Member
 
Join Date: Aug 2009
Posts: 348
Default

The Yen opened the last week, on a weak note following an emergency meeting of the Bank of Japan, that announced more liquidity measures. Also the government said that it was planning more stimulus for the economy. A few hours after the Yen not only recovered lost ground but was testing 15-year lows.
Despite improvement in market sentiment and rising government bond yields as the week went by, the USD/JPY did not rise and moved in ranges below 84.60
On Friday, after the NFP report, the pair jumped to 85.20 but reversed sharply and pulled back to 84.20 to finish the week below 84.50.
The dollar broke through primary support at 85.00 and is headed for a test of support at the 1995 low of 80.00 The Bank of Japan threatens to intervene to prevent further appreciation, but there are doubts about the political will to do so. Recovery above 88.00 is unlikely at this stage, but would warn that the down-trend is weakening.
I believe that we can consider the possibility of opening long positions. Details on the chart.

"P&F USDJPY1 Box Size 10X3 or(0.35%) HI/LO
Data 85.894 - 83.666 ~ 0.31 Month ~ 9.02 Day
Database 12000 records 84.297 (Last Close)
2010-08-25 22~24
2010-09-03 22~59 (GMT+01:00) Paris
BJF Trading Group chart"

85.90|~1O|||______+_______________________|-0.01%|2.67%
85.80|~2O|||______x_o_____________________|0.11%|2 .55%
85.70|~3O|||______x_o_+___________________|0.23%|2 .43%
85.60|~4O|||______x_o___+_________________|0.34%|2 .31%
85.50|~5O|||______x_o_____+_______________|0.46%|2 .19%
85.40|~6O|||______x_o_______+_____________|0.58%|2 .07%
85.30|~7O|||______x_o_________+_______+___|0.69%|1 .95%
85.20|~8O|||______x_o___________+_____x_+_|0.81%|1 .83%
85.10|~9O|||______x_o_____________+___x_o_|0.92%|1 .71%
85.00|~1OO||__x___x_o_______________+_x_o_|1.04%|1 .59%
84.90|~11O||__x_o_x_o_________________x_o_|1.16%|1 .47%
84.80|~12O||o_x_o_x_o_________________x_o_|1.27%|1 .36%
84.70|~13O||o_x_o_x_o_________________x_o_|1.39%|1 .24%
84.60|~14O||o_x_o_x_o_____________x___x_o_|1.51%|1 .12%
84.50|~15O||o_x_o___o_x___x___x___x_o_x_o_|1.62%|1 %
84.40|~16O||o_x_____o_x_o_x_o_x_o_x_o_x_o_|1.74%|0 .88%
84.30|~17O||o_______o_x_o_x_o_x_o_x_o_x_o_|1.86%|0 .76%
84.20|~18O||________o_x_o___o_x_o_x_o_x___|1.97%|0 .64%
84.10|~19O||________o_______o_x_o_x_o_x___|2.09%|0 .52%
84.00|~2OO||________________o_x_o_x_o___+_|2.21%|0 .4%
83.90|~21O||________________o___o_x___+___|2.32%|0 .28%
83.80|~22O||____________________o_x_+_____|2.44%|0 .16%
83.70|~23O||____________________o_+_______|2.55%|0 .04%
83.60|~24O||____________________+_________|2.67%|-0.08%
Column||||||6_7_5_1_1_4_3_3_6_6_8_9_6_1_9_|
Count|||||||______3_8_________________2___|



BJF Trading Group. Excel Chart. Full size attached.
Attached Files
File Type: zip 2010-Sep-04_160400.zip (53.5 KB)
Reply With Quote