USD/JPY 04/03/2009

Flag formation on UJ on hourly. Right now it is consolidating. A break above the recent high of 99.46 could trigger more upside. At the other end, if prices drop back 99.06 it could turn bearish.

USD/JPY 02/03/2009

UJ is under consolidation currently. We can see a triangle formation (blue). A break below 96.84 we could see more downside. We can also see a cross of the moving averages although they need to be declining for more downside.
However, if prices moving above the triangle will make it bullish again.

USD/JPY 27/02/2009

UJ broke down from the rising wedge as per my previous post. Today the price may continue to go down.

USD/JPY 26/02/2009

UJ has broken above the base as mentioned in my previous post and now moving towards the resistance on hourly chart. In the process it has also created rising wedge as showed in the chart. There is a possibility that it would trigger a bearish trend. I would take profit and remain sideline for now.

USD/JPY 25/02/2009

UJ has formed a base on the hourly chart. If it manages to break through the upper line of the blue channel, we can see more upside. However, it will turn bearish if it break below the lower line of the blue channel. For now, I have placed buy stops above the upper line to long for the short term.

USD/JPY 24/02/2009 - 3

UJ had a good run so far. It is now approaching resistance. I have closed my long positions for now. It doesnt mean it will not run up further. However, it may consolidate in the green channel for now. If it breaks the lower trend line of the channel, it may turn bearish again.

USD/JPY 24/02/2009 - 2

So far so good. The flag formation was successful as per my earlier post.

USD/JPY 24/02/2009

UJ has returned back into the uptrend channel. And it has also broken above the recent high of 94.64. We may see it continue its uptrend in the short term. We may see it test the upper trend line of the uptrend channel. Currently we can witness a flag formation on UJ, we might see it create a long blue bar if this flag formation is successful with good volume.
Stop loss should be below the lower trend line.

USD/JPY 21/02/2009

As mentioned in my earlier post, UJ has broken the uptrend channel downwards. We may see further downside next week. I have entered short positions near lower channel line.

USD/JPY 20/02/2009

UJ is current trading in uptrend channel (green). Resistance is around 94.64 which was a recent peak in Jan 09. Likely scenario is it will retrace from the peak forming a double top. If it manages to break out of the channel above 94.64, we can consider taking long positions.

However, we can consider short positions if it breaks out of the lower channel line downwards for a longer term trade. (More likely scenario).

USD/JPY 19/02/2009 - 2

Awesome!

USD/JPY 19/02/2009

UJ has broken out of the short-term down trend channel. Currently a potential flag formation is unfolding on 4H. If it manages to break through the neck line with good volume we may see a long up bar targetting above 94. Stop loss should be below the recent low.

USD/JPY 18/02/2009

UJ has tested the red down trend line and retraced. I still dont have a clear short signal yet.
However, I have entered a couple of short trades just near the resistance line with stop loss just above it. Will add to the position if the shorts are triggered. Looks like the purple channel is still being played.

USD/JPY 16/02/2009

I have attached the UJ weekly chart. We see the price testing a long term down trend line (Red). There is going to be a strong resistance and breaking the resistance could be unlikely. Although there is no clear signal to short yet, I like to go into a trade when there is enough momentum. For now, I will remain sideline to see how the prices move.

USD/JPY 13/02/2009 - 2

As per my earlier post UJ did enter the purple channel. I have closed the long on UJ just before it hit the resistance. Good week overall.

USD/JPY 13/02/2009

UJ has moved back up from the support level at 89.74. Currently testing the resistance at purple uptrend channel. I had a couple of long trades running, I have taken profit on one and will let the other trade run. If the price manages to break into the purple channel it may test resistance at 91.90.

USD/JPY 12/02/2009

UJ has been creeping towards the lower channel as mentioned in my earlier post. It is has broken the purple channel and currently sitting on support. We may see it move towards the blue trend line below. There are 3 high impact news tonight: 1) Core Retail sales, 2) Retail sales and 3) Unemployment claims. We may see the market very volatile. If the blue trend line is broken, we may see more downside.

For now the markets are stalled, its like the calm before the storm.

USD/JPY 10/02/2009 - 2

UJ is moving nicely between the purple channel. It tested the lower purple channel line and retraced back up. If broken the purple channel line, we may see it reach for the blue trend line as stated in my earlier post.

USD/JPY 10/02/2009

Price has remained in the purple channel. Currently UJ is trending downwards towards the down channel line, that is where the support will be. If price goes below this line we may see it target the blue trend line.

USD/JPY 08/02/2009

UJ is near resistance from the upper channel and a down trend line (Eclipsed area). If after a minor correction, it is able to break the purple channel, we may see it reach for the resistance at the red line at the top of the chart which is a long term downtrend line.