USDJPY

Negative Divergence on daily chart, if this closes below 90.64 and the -divergence is confirmed i will short this and not before.... max i can see this pumping to 9137 or slightly abv as a stop cleaner before pulling back.

dl.dropbox.com/u/40497882/usd_jpy_daily.jpg

Crikey this has been on a charge! I keep waiting to get short on this but it keeps powering on (I did short 92.88 for a few quid but bailed quite quickly) despite the big bearish divergence which looks to be forming:



dl.dropbox.com/u/20815047/USDJPYdaily06_02_13.gif

Next possible stop is 94.98 which is the first really important resistance since 85.5 so ther emay be a few pips to be had there. Got to be careful as it will be going against a very strong trend.

Read something today about a guy in Japan (governer of the bank of Japan I think) retiring 3 weeks early, which is being viewed as a move to improve the strength of financial policy making...could get choppy over the next few weeks.

Having said that - looks like a C&H could be forming - one to keep an eye on.

I've decided to take a slightly risky short on this today. My reasons are that it has been very close to a major resistance at 94.98 recently (94.4 high) and it made a lower high yesterday. Couple that with the very bearish RSI divergence and the MACD divergence and the widespread press reports about the weakness of the Yen (press reporting weakness suggests strength to come and vice versa ) and I think there's a good chance for a few pips south. Having said that, I wouldn't be surprised to see a final push up to 94.98 later on so I'll look to take profit on this if it goes my way. If it doesn't go on to make a new high then there wil always be a chance to get back in at a downtrend resistance later. Here's the chart:



dl.dropbox.com/u/20815047/USDJPYdaily19_02_13.gif

Jackozy wrote: I've decided to take a slightly risky short on this today. My reasons are that it has been very close to a major resistance at 94.98 recently (94.4 high) and it made a lower high yesterday. Couple that with the very bearish RSI divergence and the MACD divergence and the widespread press reports about the weakness of the Yen (press reporting weakness suggests strength to come and vice versa ) and I think there's a good chance for a few pips south. Having said that, I wouldn't be surprised to see a final push up to 94.98 later on so I'll look to take profit on this if it goes my way. If it doesn't go on to make a new high then there wil always be a chance to get back in at a downtrend resistance later. Here's the chart:

dl.dropbox.com/u/20815047/USDJPYdaily19_02_13.gif

Hi Jack

Look to the 4hr/8hr chart
Nice head and shoulders in play?

Sorry no chart RMc

Thanks RMc. Got that:



dl.dropbox.com/u/20815047/USDJPY4hour19_02_13.gif