The Japanese Yen Extensive Coverage: Jackson Sole Side Effects

JPY Technical Strategy

BOJ Koruda repeated over the weekend Japan will not hesitate to expand its monetary policy. We have been observing EURJPY for some time and we have missed the entry in the pair as we anticipated a better price to enter, which did not materialize.

GBPJPY Weekly Chart

Please click on the chart to enlarge:

GBPJPY Weekly Chart 29/08/16

GBPJPY Weekly Chart 29/08/16

Our prior trade in GBPJPY in August was unsuccessful as the price retraced to 129.00. Although this was possible we were under the impression a full retracement will not take place. The stop still has be placed below 129.00, however, as it was already tested a re-test may not be seen. We cannot layer the stop below 129.00 as +600 pips is against our trading rules.

AUDJPY Daily Chart

Please click on the chart to enlarge:

AUDJPY Daily Chart 29/08/16

AUDJPY Daily Chart 29/08/16

We have spotted the re-test of the lower support line (in blue) when it occurred but preferred GBPUSD, which was unsuccessful. While the gains are expected to continue this is a relatively high price and the odds of initially drifting in a drawdown are rather high. In addition, the Aussie is due for short-term weakness, which may impact AUDJPY uptrend.

EURJPY Weekly Chart

Please click on the chart to enlarge:

EURJPY Weekly Chart 29/08/16

EURJPY Weekly Chart 29/08/16

As opposed to GBPJPY, EURJPY did not make a full retracement to 110.75. We were waiting for a lower price in order to enter, which did not materialize. A long trade in Euro yen is questionable as we will be taking the position form a relatively high price, which increases the odds for drifting in a drawdown initially.

USDJPY Monthly Chart

Please click on the chart to enlarge:

USDJPY Monthly Chart 29/08/16

USDJPY Monthly Chart 29/08/16

We were under the impression the support will give way but it has been holding after multiple re-tests. The gains in USDJPY appear to be limited to 105.60, however, a firm close above may initiate stronger gains in the pair. possibly as high as 112.

The risk of initiating any of the above trades is initially drifting in a drawdown. The price is relatively high on intraday time frames. Although this is not guaranteed to take place we have to assume it will. The drawdown itself is not concerning us, it is our ability to initiate new trades in the market. Expectations from the BOJ to act in September is likely to be trigger for the rally and based on the charts it appears some action my abe taken.

AUDJPY Trade Alert

Please click on the chart to enlarge:

AUDJPY Daily Chart II 29/08/16

AUDJPY Daily Chart II 29/08/16

AUDJPY long at market price (77.24)
Take profit: 81.45
Protective stop: 75.50
Risk Ratio (RR): 1 : 2.4 (approx.)
Estimated duration: 21 days

GBPJPY Trade Alert

Please click on the chart to enlarge:

GBPJPY Weekly Chart 29/08/16

GBPJPY Weekly Chart 29/08/16

GBPJPY long at market price (134.11)
Take profit:145.50
Protective stop: 131.60
Risk Ratio (RR): 1 : 4 (approx.)
Estimated duration: 35 days

Note: This is an intraday stop.

31/08/16 UPDATE: GBPJPY is trading at 135.86 at the time of this writing.

Please click on the chart to enlarge:

GBPJPY Monthly Chart 31/08/16

GBPJPY Monthly Chart 31/08/16

We are closing 30% of the long trade at market price and shift the protective stop to the entry.

31/08/16 UPDATE II: AUDJPY is trading at 77.77 at the time of this writing.

Please click on the chart to enlarge:

AUDJPY Daily Chart 31/08/16

AUDJPY Daily Chart 31/08/16

We are closing 30% of the long trade at market price and shift the protective stop to the entry.

01/09/16 UPDATE: GBPJPY is trading at 137.00 at the time of this writing, we are closing 40% of the long trade at market price. We will shift the stop around the daily close (stop was later shifted to 135.25).

02/09/16 UPDATE: GBPJPY gains are yet to end, it currently appears to be the beginning of a larger reversal. However, each dip in GBPJPY may range between 100 – 150 pips. Rather than absorbing the dips we will attempt to re-enter the trade at a better price. The risk in closing the trade is that no dip will take place but it is a risk we are willing to take.

Please click on the chart to enlarge:

GBPJPY Monthly Chart 02/09/16

GBPJPY Monthly Chart 02/09/16

GBPJPY is trading at 138.48 at the time of this writing, we are closing the long trade at market price.

02/09/16 UPDATE II: AUDJPY is trading at 78.64 at the time of this writing.

Please click on the chart to enlarge:

AUDJPY_Daily_Chart_2_September_2016

AUDJPY Daily Chart 02/09/16

We are closing 20% of the long trade at market price and shift the protective stop to 77.98.

06/09/16 UPDATE: AUDJPY is trading at 78.39 at the time of this writing. We are closing 10% of the long trade at market price, stop remains at 77.98. There are warning signals the price may continue to trade lower but our stop is in place and we have already liquidated most of the trade.

07/09/16 UPDATE: AUDJPY triggered the protective stop at 77.98, ending the trade with a decent profit.

07/09/16 UPDATE: As noted earlier, we have been waiting for a dip in GBPJPY in order to re-enter the market.

GBPJPY Trade Alert

Please click on the chart to enlarge:

GBPJPY Daily Chart 07/09/16

GBPJPY Daily Chart 07/09/16

GBPJPY long at market price (135.66)
Take profit: 142.40
Protective stop: 133.80
Risk Ratio (RR): 1 : 3.5 (approx.)
Estimated duration: 14 days

08/09/16 UPDATE: GBPJPY is trading at 136.23 at the time of this writing. We are closing 30% of the long trade at market price and shift the protective stop to the entry.

Please click on the chart to enlarge:

GBPJPY Daily Chart 08/09/16

GBPJPY Daily Chart 08/09/16

We will be relatively close to the market but it is a daily entry and the stop must be shifted.

EURAUD Trade Alert

There are expectations for the European Central Bank (ECB) to expand its current QE to September 2017. When the QE was first announced EUR enjoyed moderate gains in the market. There are minor expectations for a rate cut (-10 bps). We decided to opt for EURAUD. There are elements of risk in doing so prior to the ECB monetary policy meeting but it is a risk we are willing to take.

Please click on the chart to enlarge:

EURAUD Daily Chart 08/09/16

EURAUD Daily Chart 08/09/16

EURAUD long at market price (1.4588)
Take profit: 1.4850
Protective stop: 1.4503
Risk Ratio (RR): 1 : 3 (approx.)
Estimated duration: 48 hours

08/09/16 UPDATE: We expected more from the ECB.

Please click on the chart to enlarge:

EURAUD Daily Chart II 08/09/16

EURAUD Daily Chart II 08/09/16

EURAUD is trading at 1.4683 at the time of this writing, we are closing the trade at market price. This trade was targeting the ECB monetary policy meeting.

09/09/16 UPDATE: GBPJPY is trading at 136.27 at the time of this writing, we are closing 10% of the long trade at market price, stop remains at the entry.

12/09/16 UPDATE: GBPJPY triggered the protective stop loss order at the entry, ending the trade with a fair profit.

The Japanese Yen Extensive Coverage: Jackson Sole Side Effects

As all trades are closed this page can now be accessed by all traders. Open trades and relevant intraday strategies are restricted to members only. We have been providing trade alerts in the Forex market since May 2014.
The Japanese Yen Extensive Coverage: Jackson Sole Side Effects

MEMBERSHIP PLANS INTRADAY STRATEGIES OUR TRADE ALERTS
The Japanese Yen Extensive Coverage: Jackson Sole Side Effects

new performance pc edit 9294

The Japanese Yen Extensive Coverage: Jackson Sole Side Effects