USDJPY

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.

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.

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

Whoops! Must have clicked submit instead of insert...here's the chart I was going to attach:



dl.dropbox.com/u/20815047/USDJPYdaily17_12_12.gif

Interstingly, the 50% retracement is exactly at the 80.6 breakout point which was also the rim of a smaller cup and handle. This whole chart looks like a set of Russian cups and handles!

I had my orders in a bit lower at 84.09 and they also got filled at 84.315 due to the gap up (exhaustion gap?). For downside targets, given how well this has behaved, we should be looking at either the 38.2% or 50% Fibs:

Target hit for cup and handle. Im now short.
The perfect trade.
I had a order to open a short at 84.16 Lucky for me this gapped above this and activated the entry automatic at 84.31 right at the high. Im making 40 points on this already and its now a free trade.Its currently 83.90.
For once the spread betting companies have done me a favour.lol
Im must say this currency has performed flawlessly .It respected the technicals perfectly.



dl.dropbox.com/u/4899609/usdjpy16thdec.png

I hope people have learned a lot from all the trades ive showed so far. As i dont do hindsite trading like many so called pros.
DYOR
remo