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USDJPY Daily
In my 3 decades of experience with Yen ( my first major lost was shorting it in similar situation ) , what I see is continuous run to 162.
As long as 157 holds its ground.
And to be even more exact, I expect tomorrow another leg Up , just like on Friday – straight for the 162.
Second possibility is to see a pull back to 157 area and then within few days to hit that target.
Call me a degenerate trader ( no offence taken) but I just can’t see it any other way…yes, there is always a first time for everything, but not on Yen .
If BoJ tries to stop it right now, they are degenerate bankers….as I said : Blow of Rally, and then they step in , together with major players taking their profits.
USDJPY 4-HOUR CHART – ONLY ONE LEVEL MATTERS
Looking at this 4-hour chart, the only level that matters is 154.95
I am sure that the BpJ is looking at the same level as the one that would need to trade below to negate the latest leg up.
On the upside, it is pure guesswork with 160 the next “big figure” target.
When I was a bank trader, I became friendly with a trader who managed a forex dealing room. He related his philosophy, which I call a professional trader’s game plan that can be used by retail traders today.
A Professional Trader’s Strategy for the Retail Forex Trader</em>
XAUUSD DAILY CHART — 2300-2400?
It has been around 2 weeks since the XAUUSD set its record high (2430).
The subsequent retracement has seen one test below 2300.
So, looking with an objective eye says moves so far outside of 2300-2400 have lacked follow-through.
With that said, there is a risk of a further retracement but ONLY if 2291 is taken out.
Otherwise, expect chop trade while within 2300-2400.
