The pair has seen a nice run up over the last 24 hours, but is now starting to consolidate.  This sets up a high reward to risk trade.

A break above 95.30 (+about 5 pips or so) will trigger a buy and an overall target of 160 pips, or 96.90.

A break below 94.70 (-5 about pips or so) will trigger a sell and an overall target of 100 pips or 93.70. 94.85 is an early trigger for the sell position, but is more prone to false breakouts.  If this entry is used, the target is still 93.70 but the profit is slightly larger due to the earlier entry.

Source: Forexyard, USD/JPY 1 Hour Chart

~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!

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Here is a great video and analysis on the USD/JPY pair.  A couple things I will point out about this video as you watch it:

Markets very often break out out of a formation, and then move back to test the breakout point.  Many traders bail out of the trade here, taking a loss on a trade that was at one point very profitable, or they get out flat.  It is important to know that is a very common market reaction, and so traders either need to just trade the surge on the breakout, reaping a profit, or be willing to hold for the larger movement to unfold even if the market retraces back to towards their entry point.

The other thing worth noting is what he mentions in the video about reactions being similar within a trend.  When reaction magnitude starts to change it can give early signal of an alteration (slowing, accelerating, or potential reversal) of the trend.

Check out the video, is well worth watching.  If you wait right till the end of the video you will offered a free 30 day trial of all the great services and products offered at Market Club.  But the video is free and you are under no obligation to sign up for anything.

http://www.ino.com/info/411/CD3784/&dp=0&l=0&campaignid=3

Cheers,

Cory Mitchell, CMT
Chief Market Strategist

P.S.  Want more trading education?  Get 4 free trading seminars here:

http://www.ino.com/info/36/CD3784/&dp=0&l=0&campaignid=9

Be Sure to check that one out!

So I was about to do an analysis of the USD/JPY and then I was sent this video which is basically exactly what I was going to say.  If you follow any of my analysis, I use a a lot of chart patterns.  You can learn what patterns I like to trade, and how to trade them in my book, or you can  watch these guys videos.  Often they provide a very similar outlook to my own views, and I feel fully confident in providing their analysis,videos and potential service to you.  They provide a fantastic service if you are interested, or you can just enjoy the videos with no strings attached.

This video looks at the longer term view of the USD/JPY forex currency pair, and where it is likely to go.  The video is great in that it shows how to technically analyze forex charts, and then also gives a bit of an intro to the methods that they use over at Ino.  Great stuff!  I think these video are great, they are free, but if you are interested in learning more you can sign up for a free trial to one of the most premier services (you get so many things with a subscription!) in the trading industry.  Or…just simply enjoy this great totally free video analysis of the USD/JPY pair.

http://www.ino.com/info/400/CD3784/&dp=0&l=0&campaignid=3

All the Best in your trading,

Cory Mitchell, CMT

Yesterday the pair tore through support in the 94.00 area.  A drop of that magnitude was not expected – the pair had almost a 300 pip move!

The drop does signify a longer term down trend is about to begin with the target being 87.00.  Intermediate support is expected between 90.00 and 89.50.

Currently the pair has bounced off the lows at 91.80 and is trading at 93.18.  A successful retest of the 94.00 level, where price try to test this level and then retreat once again will confirm the breakout.

Want to learn more about chart patterns or other forex and stock market trading methods?  Check out my Trading Courses page.

Source: Forexyard, USD/JPY Daily Chart

Please read the latest How to Use the Trade Ideas blog if you have questions. If you still have questions after, feel free to comment

~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!

Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.

Open a SuperMini or Standard account now and receive a 100% cashback worth up to $300.
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I am here to personally help you out if you open an account, and need help with strategies or figuring out the trading platform.

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The pair is in a sharp downward sloping wedge.

The interesting thing is this wedge’s apex is right at the major support level of 95.60.  Thus, this wedge can give us an early indication of which way the market is likely to act off this support level.

From the chart you can see the trendlines of this wedge.  A break above indicates a move of 75 pips from the breakout price, either up or down.

As of when I post this the upside trendline is at 96.00 and the downside breakout price is 95.80.  The risk is small for the potential reward.

Want to learn more about chart patterns or other trading methods?  Check out my Trading Courses page.

Source: Forexyard, USD/JPY 30 Min Chart

~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!

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Want to learn more about chart patterns or other trading methods?  Check out my Trading Courses page.

———

Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.

Open a SuperMini or Standard account now and receive a 100% cashback worth up to $300.
Open a Standard account and trade commodities, receive 10% cashback worth up to $1,000.

I am here to personally help you out if you open an account, and need help with strategies or figuring out the trading platform.

If you look on the USD/JPY daily chart I have attached below there a few interesting things to point out.

The first is the the pair is trading in a large range.  This means that breakouts within the range may be stifled from reaching their full potential unless a break of the larger daily range also occurs.  This does not mean there is not profit opportunity though.

On the daily chart we can see the pair created a head and shoulders pattern.  The pair broke below the neckline (upward sloping line), but failed to take out the lows of the formation (94.00).  The pair bounced off the this level, but failed to reach the height of the right shoulder from the pattern.  This puts the bias downwards.  We also can draw a trendline along the top of the price action and see the trend is now down.

The sell off has been relatively steep the last few days, and will likely pause at or before the 94.00 level.  About 94.30-94.40 is the current target.

At that point we will see what the market does.  A break below 94.00 would target 87.00 over the long term, which also happens to be the January lows.

If 94.00 holds the trend lines drawn will still likely have an impact.  Expect resistance at the horizontal levels as well as both the falling and rising trend lines.  These trend lines extend out and have an impact on future prices.

~Cory Mitchell, CMT
Chief Market Strategist
Remember, failed breakouts are tradeable too!

Want to learn more about chart patterns or other trading methods?  Check out my Trading Courses page.

Source: Forexyard, USD/JPY Daily Chart

——————–

Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.

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I am here to personally help you out if you open an account, and need help with strategies or figuring out the trading platform.

———————-

May 27, 5:46 PM GMT

The pair is in a ascending trend channel on the hourly chart which provides several possible trade alternatives. Trades can be entered near the upper or lower trend lines, with profit targets just beyond the half way point of the channel (approx. 30-40 pips), or the more aggressive target is the opposite side of the channel (50-60 pips)

Breakouts can also be traded.  A break of either trend line provides a target of 60 pips from the breakout price.

Source : Forexyard, USD/JPY 1 Hour Chart

Please read the latest How to Use the Trade Ideas blog if you have questions. If you still have questions after, feel free to comment

. . . . . . .

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May 19, 6:32 AM GMT

The USD/JPY has consolidated, narrowing its range over the last several hours.  This has created a triangle formation.

Currently the upper trend line is offer resistance at 96.45, although this will decrease over time as the line is downward sloping.  A break above this level will offer a profit target of 96.90.

The lower trend line is currently at 96.33, although this will increase over time as the line is upward sloping.  A break below this level would indicate a move to 95.88.

Currently the pair trades just below the upper trend line at 96.40

The preceding was a forex market commentary based on technical analysis for the USD/JPY currency pair. Trading ideas or trading signals can be generated based on your own risk tolerance and time frame. Please read the latest How to Use the Trade Ideas blog if you have questions. If you still have questions after, feel free to comment.

~Cory Mitchell, CMT
Market Strategist
Remember, failed breakouts are tradeable too!

—————————

Are you interested in getting into trading? Or if you are already trading and dissatisfied with your broker, check out mine at Forexyard. Switch to Forexyard, open a Standard account and receive up to a $1,000 bonus.

Open a SuperMini or Standard account now and receive a 100% cashback worth up to $300.
Open a Standard account and trade commodities, receive 10% cashback worth up to $1,000.

May 07 6:05 AM GMT

The following is a forex market commentary based on technical analysis for the USD/JPY currency pair. It is based off of a 15 minute chart. Trading ideas or trading signals can be generated based on your own risk tolerance and time frame. Please read the latest How to Use the Trade Ideas blog if you have questions.  If you still have questions after, feel free to comment.

The USD/JPY has formed a triangle chart pattern offering a trading opportunity.  While reaching the apex of the triangle is rare from my experience, the closer it gets the more the risk (stop level) can generally be reduced.

Currently the pair is trading at 98.59.  An upside breakout would currently take place at 98.70, or a downside break at 98.35.  The profit target is 80 pips (rounded down) from the breakout point (which changes over time as the trend lines are sloping).  A second profit target is 105 pips from the breakout price.

Source: Forexyard

~Cory Mitchell, CMT
Market Strategist

Remember, failed breakouts are tradeable too!

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April 29 7:35 GMT

The following is a forex market commentary based on technical analysis for the USD/JPY currency pair. It is based off of a 4 hour chart. Trading ideas or trading signals can be generated based on your own risk tolerance and time frame. Please read the latest How to Use the Trade Ideas blog if you have questions.  If you still have questions after, feel free to comment.

The USD/JPY currency pair has been trading within a downward sloping trend channel.  This provides us with several possible trades, depending on which way the market reacts.  Currently the upper trend line offers support in the 97.25 (but this line is downward sloping and will decrease over time).  A break above the upper trend channel would offer a target of 98.85.

If prices fail to reach or stay above the 97.00-97.25 area, the downtrend will stay in tact and will provide a profit target of the recent lows at 95.60, and beyond that at the trend channel support line.

Currently the pair is trading at 96.80.

~Cory Mitchell, CMT
Market Strategist

Remember, failed breakouts are tradeable too!

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