EUR/JPY Trading

[AshFX]

Talk about & discuss current EUR/JPY setups, charts, analysis here...

[Tovinces]

Hello everybody, this is my first post on this forum, and I hope it won't be the last one. Let me introduce myself - my name is Rao, I'm trading forex for 10 months, I prefer EU and EJ on small timeframes.

I attach 15min chart of EJ, 17-02-2009 20:40 GMT. The price has just touched fibo 38.2% line, Stochs oscillator is at critical point, so i put a short position.
I suppose the target is between 115.45-115.6.

[Rob]

I am short as well...very choppy!

[AshFX]

Today has NOT been a nice day on the xxx/jpy pairs.

[tradingstops]

Hey ash I made a few pips on your USDJPY call though earlier on today.

Tovinces - I'm also trade Eur/Jpy and GbpJpy, so looking forward to seeing your trades.

[vanhook2]

Just food for thought

[vanhook2]

For those interested, I posted aTrailing Stop EA & manual

http://www.forexmoments.com/forums/showthread.php?t=121

[studyolic]

vanhook2, thanks for that! I look forward to trying it out!

[msmr]

Hi Guys,

Look for the pair to retrace to 125.25/00 area and then it will head back up to 126/127 level.

Happy trading

[mphpopular]

EJ 15mar09

[studyolic]

having been up to 13,370 or so, it's heading south now, I think to around 12,800 or 12,750 initially.

[hedgehog]

Hi

Is there a specific pattern or indicator/MA/etc. that is specific to trading xxx/JPY pairs?

Thanks.

[ace1]

Being a forex Newbie i am finding it hard to profit so much from the discussions here because most of the talk here are very tech. Is it possible to be less technical in your language so newbies like me can benefit more

[studyolic]

hello ace1,

I'm sorry you're having problems following some of the posts. As you have probably gathered, there are about a zillion trading systems out there, probably most not profitable; AND the profitable ones can be an emotional strain, resulting in losses due to trader error rather than system faults. The one thing I can say is that EVERY system will have some losing trades. Think about that. EVERY SYSTEM will have some losing trades. Hopefully, it will also have some winning trades, too! The glaringly obvious trick is to manage your trading in such a way where your losses are LESS than your winners. Some systems will only win 3 in 7 trades, but the losers are small and the winners are big. You have to develop the mental toughness to accept the many small losers as "a business expense" (like rent, advertising and staff in a normal business), and let the winners run far enough to generate a profit.
Some systems will advertise something like "90% winning rate", which sounds great until you realise that the 9 out of 10 winners only generate a small profit each, and the one loser in ten trades will rip off your arms and legs and leave you gasping, wondering what happened.
Look at the ASH FX trading systems here on this website, start with the simplest, and paper trade for a while. A good system is a good start, but the only way you will turn a profit is by having an iron constitution, nerves of steel and ice-cold other bits of anatomy. And I mean ABSOLUTE ZERO ice cold (as in naught degrees Kelvin rather than the drink). Then you can follow the system without emotion.

Sorry for the rant, too much coffee this morning. Hope you get something useful out of it.

[ForexGuides]

I have been looking at the eur/jpy and it seems to have less wipshaw/noise than most other currency pairs yet it has a reasonable trading range of pips everyday.

My question is to the traders who trade this pair can you please share some insight or of any information regarding trading the eur/jpy.
Forex Guides

[magister]

watch the S&P500 and DOW, EURJPY often follows these markets

[wepirl]

this is one of the more volatile pairs you can trade. When you get it right you can make 100's of pips... but it's also the same for the opposite... get it wrong and you can loose 100's

[Rob]

i agree..hard to track lately

[NTL]

Thanks for the great explanation, Study.

[adede]

do u give signals?

[frisky2good]

I shy away from Eur / Jpy because of the volatility. To trade this pair conveniently, you need to use very wide stop losses.

[Rob]

EY is following the dow lately but wide stops are a part of forex with the yen pairs

[MusicMan]

Nice rally going on in the Asian session -- 282 points to the positive in 4 trades. :)

Right now, it's around 134.480, about halfway between fib lines at 134.223 and 134.792. AO is still green, but AC has been red for 3 bars. PSAR has not turned bearish, so there may still be a bit of life left to drive on through to about 134.790, but I'm taking a breather and working on my EA code until the European session opens.

MM

[AshFX]

Similar to the EUR/USD, we're currently at the calm after the storm with the EUR/JPY. This time on the EUR/JPY we got a drop of almost 200 pips in just a few hours. Very nice or very scary depending upon your position!

And again, what I was waiting for was some relaxation, and now that is occuring...

Take a look at the M30 chart attached.The Stochastics are now in the oversold mode, in addition to them now ever so slightly crossing back up. In addition, the Accelerator Oscillator has turned green, so what I am expecting is some ranging for the next few mins between the 0.0% and 38.2% Fib levels, before drifting further down some more.

[AshFX]

Yesterday we saw a drop of around 200pips. Some major pippage there. Will this drop continue in to the coming week?

I think so, yes. My reasons for this are - take a look at the screenshot - the Stochastics are now turning downwards from a relatively high level, the Accelerator and Awesome Oscillator have both turned red, the PSAR is now at the top of the candle, AND the fact that price has now gone beyond, and closed past the last 61.8 Fibonacci retracement level (which in addition was a previous S/R point, see yellow circles) - all these are a sign that we may well see this reach at least the 100% level, i.e. the last major swing low.

[piplaser]

Technical summary:

We have seen a break above the minor resistance-line indicating that red wave iv did indeed end at 137.03 and a rally towards 139.41 now should be seen. Short-term support at 137.44 is expected to protect the downside for a break above resistance at 138.40 confirming that red wave v towards 139.41 is unfolding.

Only an unexpected break below 137.03 will invalidate the bullish outlook.

Trading recommendation:

We are long EUR from 137.45 and will our stop higher to 137.00. If you are not long EUR yet, then buy close to 137.50 an use the same stop at 137.00.

[piplaser]

Technical summary:

A breakout below important support at 133.27 invalidated the bullish outlook and shifted it to a bearish bias, which implise a much more complicated correction from 141.06. Potentially, the rally from a low of 126.05 could be a part of an even bigger correction from 141.06. A break below the support near 132.45 will charge the direction of an even bigger correction which is unfolding.

In the short term, we expect the former support at 133.27 to act as resistance for a new downside pressure towards 132.45 and possibly even below.

Trading recommendation:

With a high of 133.32 being reached this morning, we have to sell EUR at 133.25, our stop is places at 134.00

[piplaser]

Technical summary:

We are going nowhere at the moment. Red wave ii is still unfolding, but should be coming to an end soon and should lead to a break above minor resistance at 135.71 for the next impulsive rally towards 138.08 in red wave iii. Wave iii is likely to extend even more greatly.

The short-term support is seen at just below 134.40 and will ideally protect the downside for a break above minor resistance at 135.71. It will take an unexpected breakout below support at 133.44 to invalidate the bullish outlook.

Trading recommendation:

We are long EUR from 135.10 with stop placed at 133.45. If you are not long EUR yet, then buy near 134.40 with stop placed at 133.45