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Yen to Lose More Ground

I think the USD/JPY will continue its rally. We broke out above this year's high at 122 on May 26th and the USD/JPY looks unstoppable.
But I think the gains may ease up somewhat so I'm only looking for 60 odd pips in June. A combo of summer season starting and the round 125.00 level putting pressure on prices should keep a lid on major gains.
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The meltdown in Chinese equities during July put pressure on the USD/JPY. But the subsequent interventions by Chinese authorities helped to stoke risk appetite across the region and the Yen quickly regained its place as a funding currency.

We are currently quoted at 124.14, after trading as high as 124.51 earlier in the day. We've had trouble breaking past this area and each 10 pips move higher has been a struggle. This is what I expected and with the 125 handle now in sight, I expect the selling pressure to put a lid on prices.

My target is 124.80

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Slightly Down in Reversal Day

I ended the day slightly down in equity, after several major reversal in the major forex pairs. I chose to focus on the usd/jpy, first on a long then on a short. I closed my long at +2 pips, then I opened a short that is currently at breakeven.
The restrictions of the contest (placing pending orders >5 pips) make it hard to catch pips in reversal days like these. I may have to switch my focus to the longer-term charts going forward.
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Daily Recap for First Day of Month

We had a strange session today, with a lot of reversals. I managed to scalp a few pips and now I'm up 4%. First trade was a AUD/USD short that got stopped out right before the currency pair tanked. Second trade is a USD/JPY long. This trade is still open and is currently +21 pips in the green. I think the Yen will continue to lose ground so keeping this long during the weekend!
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small correction up 6%

driven avatar
driven 2 5月

Your blog is a gold mine fx.

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Yen Strength to Push USD/JPY Below 101

The 101 figure has been in important level of support in the USD/JPY since February. As the chart below demonstrates, the Yen was unable to break and stay above this figure on five separate occasions this year.
I'm betting on a break below 101 during July. Momentum has switched to the downside and after the 101 level gives away, the next target for the currency pair stands at the important 100 psychological level. I expect prices to stall here before making a move lower.
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