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USD/JPY - Weekly Outlook and Trading Idea

This market remains quite boring but if we are objective we have to acknowledge that the bulls have managed to gain slight advantage last week. Right now there is a weak uptrend on the very short-term charts (hourly, 30-min) and the daily oscillators try to turn up. So, some follow through buying may be expected early this week. However, as long as the prices stay below the prev. swing high at 79.

By Alexander Nikolov | Nov 28, 2011 | TrendRecognition

USD/JPY Weekly Outlook

USD/JPY's rebound from 76.57 extended further last week and the development argues that pull back from 79.52 might be finished. Though, price actions from 76.57 so far is not convincing impulsive yet and thus, we still have much reservation in the case of resumption of rally from 75.56. But in any case, initial bias will remain on the upside this week for a test on 79.52 resistance.

Nov 27, 2011 | ActionForex

USD/JPY Weekly Outlook and Trading Idea

The move down has been very choppy last week but still the prices moved lower. The daily trend is still firmly on the downside as the prices remain below the declining 100-day and 200-day moving averages. But this market remains difficult to trade because the price action is so boring. Still, I believe that eventually the price will firmly break below the 76.

By Alexander Nikolov | Nov 21, 2011 | TrendRecognition

USD/JPY Weekly Outlook

USD/JPY's fall from 79.52 extended further last week and reached as low as 76.57. Downside momentum was not convincing, and the look of such fall is corrective. But after all, there is no sign of near term reversal yet. And, as long as 77.49 minor resistance holds, deeper decline could be seen to retest 75.56 low. Nonetheless, break of 77.

Nov 20, 2011 | ActionForex

USD/JPY Weekly Trading Idea and Oultook

I was bearish expecting a move down three weeks ago. However, there was no follow through selling on the downside when the prices broke below the 76.40 level. Instead we witnessed another sharp move higher (probably due to a currency intervention) all the way up to 79.52. Like all other similar moves higher, this one was not sustainable as well and the prices quickly started to retreat.

By Alexander Nikolov | Nov 14, 2011 | TrendRecognition

USD/JPY Weekly Outlook

USD/JPY's fall from 79.52 accelerated to as low as 77.04 and the decline is admittedly deeper than expected. The development dampened the view that fall from 79.52 is merely correction but then, it's not clearly impulsive so far and outlook is a bit mixed. But in any case, bias will remain on the downside as long as 77.87 minor resistance holds. Sustained trading below 61.

Nov 14, 2011 | ActionForex

GBP/USD Weekly Outlook and Trading Idea

For long I have expected to see a rally twd the 1.5950 Fibo level before the downtrend can resume. However last week I said that if a decline below 1.5680 occurred, that would be a sign that the downtrend had resumed already. Well, I was wrong, because the prices simply undercut briefly the 1.5680 level last Tuesday and then resumed their prev. advance. And now the 1.5950 level has been reached.

By Alexander Nikolov | Oct 24, 2011 | TrendRecognition

USD/JPY Weekly Outlook and Trading Idea

This market has been dead for so long, but as you re-call, I have expected to see a breakdown eventually. And the main reason I have expected this is because th market remains firmly below the declining 100-day moving average. Last week the market continued to trade sideways but then on Friday, made an important breakdown below the 76.10 level. So, the next leg down twd 74.50 initially and 68.

By Alexander Nikolov | Oct 24, 2011 | TrendRecognition

USD/JPY Weekly Outlook

USD/JPY finally had a downside breakout last week and made new record low at 75.80 before recovering. Some consolidations might be seen initially this week but recovery should be limited by 76.60 minor resistance and bring another fall. Below 75.80 will target 61.8% projection of 80.23 to 75.94 from 77.48 at 74.82 first, and the 100% projection at 73.19. Though, a break of 76.

Oct 24, 2011 | ActionForex

USD/JPY Weekly Outlook and Trading Idea

The wave count remains a mess here but as long as the prices stay below 78.00/10, the main focus on the daily chart should remain on the downside. The daily Stochastics is now moving higher and may reach overbought levels this week. A subsequent decline below 76.10 will be a strong confirmation that the next leg lower is under way and losses twd 74.50 will be expected in this case.

By Alexander Nikolov | Oct 17, 2011 | TrendRecognition

USD/JPY Weekly Outlook

Much volatility was seen in USD/JPY last week but the pair's rally attempt was limited at 77.48. Also, there is no follow through buying to help USD/JPY sustain above near term falling trend line yet. More choppy sideway trading could be seen between 76.11 and 77.48 initially this week. But we'll remain slightly bearish in USD/JPY as long as 77.

Oct 16, 2011 | ActionForex

USD/JPY Weekly Outlook and Trading Idea

Nothing has changed here. The wave structure is a mess here, so there is no need to put labels on the chart just for the sake of it. The trend on the daily chart remains donw (weak downtrend) and thus I still favore weakness twd 74.50 later this year. A decline below 76.10 will be a good sign that the downtrend has likely resumed.

By Alexander Nikolov | Oct 10, 2011 | TrendRecognition