Eur/jpy

[Gamma_Jammer]

Haven't really been keeping up to date (I'm on holiday in New England at the moment - very nice) but a quick squint at the EUR/JPY chart makes me think it should be a bit toppy around here (133.80 ish). Looks a decent sell anywhere around here, with a stop say 134.05. Look for 133.50 initially, with better support located at 133.20 area. Not in a position to attach a chart at the moment but basing this off combination of fibo retracements (of the September 131.80 / 135.10 move), rising support on the hourly chart and 100 hour moving average.

GJ

[Gamma_Jammer]

Well worked for about 15 pips and then splat!!

Guess I get what I deserve for attempting to pick a move based on 5 mins in my hotel lobby after breakfast :-) I really should know better by now. Sorry all.

[buff]

Gamma,

Yes I read you first post just as I was planning to go long. I eventually went long at 133.98 @ 2058hrs NY.

Mate i am still finding very good results on theis pair using 60min chart with 8/21 EMAs basically aiiming for at least 50pts and then reassessing trade. Even though my initial stop is 60pts, there are plenty more winners than losers to cover this RR ratio discrepency. This has been the case since Jan this year.

The above trade was taken off Metatrader using their smooth MAs, still 8 & 21, but a lot fewer trades and it seems to get rid of a few of the whippy ones. Later entry, but I believe safer.

Okay sitting nicely at the moment, 2030hrs NY, with a stop in place at 134.78.

It is always good to hear others opinions on this pair as it doesn't seem to get that much of a mention in dispatches, even though I believe it trends very nicely at times. Cheers.

[Gamma_Jammer]

Good work. I reckon it's a great pair to trade from a tech standpoint (I also like it on a 60 min chart). Interbank liquidity is pretty patchy at time and this means that the stops tend to run a bit. As long as you know your levels you can use this to your advantage, entering on stops rather than using a limit order.

It's a nice way to trade if you can get a feel for it, as more often than not your trade is gonna be 15 pips or so onside pretty much straight away (and if it isn't you're probably wrong and can get out before too much damage is done).

GJ

[buff]

GJ,

Agree totally with what you wrote. If you looked at a large hourly chart on this pair going back until at least the beginning of the year, you would see a very nice trending pair, especially if you compared it to the EUR or the JPY. Doesn't seem to have as many of those big spikes the other pairs have.

Also with a favourable spread and not being directly affected by the USD to a certain extent, it makes sense to trade it.

At the moment, after the news release on Friday, it did manage to head up again but didn't break through the previous high of 136.55. There may be a double top in the forming and I am certainly looking for a cross down so I can go short. Only time will tell. Cheers.

[Gamma_Jammer]

You can also sometimes have a bit of fun with it over the numbers as the knee jerk reaction to big U.S. data often hits EUR/USD first (and sometimes fiercest). So you can get a situation where USD negative data will cause EUR/JPY to spike 50 points and it can then be a good sell if you feel USD/JPY still has some catching up to do. You need to be quick though and have a tightish stop in place as it's by no means a guaranteed winner.

[novice]

What's going on with the Yen?

USD/JPY

[novice]

EUR/JPY