We will look at Three YEN pairs, namely, 1) Euro/Jpy,,,, 2)Usd/Jpy,,, 3) Gbp/Jpy
1) E / J
Daily Chart E/J
From the Daily Chart, If the upcoming candle breaches the Tenkan-sen at 111.15, and further below the Kijun-sen at 110.32, Then it shall expose 107.26 (Its recent Low, also the 100.00 Fibo line)
Strategy:
SELL Down EURO/JPY on recovery near 113.00 (Ichimoku Bottom)
SL==70 PIPS
Target: Point: 110.20, then 107.00 next
2) U / J
H4 U/J Chart
H1 U/J Chart
From the H1 chart, if the next candle breaks the immediate support at 86.50, then it shall expose the next level at 86,26 (its recent low ), then it may go further down to the Nov/15/2009 low at 84.75
Strategy
SELL Down U / J on recovery near 86.90,{ Kijun-sen resistance), on H1,
SL==50 PIPS
Target Point =86.30,, follows by 84.70 (15/ N0v/2009 Low)
3) GBP/JPY
H4 G /J Chart
H1 G / J Chart
On the H4 chart, breaking the 131.24 (Also the 0.00% Fibo Retr line) shall expose 126,68 ( May 20, Low)
On H1, recovery near 132.80 (the Tenkan-sen Line) shall see renewed Selling .down on this G /J Pair.
Strategy
SELL Down on Recovery near 132.80
SL==60 PIPS
Target: : 131.20, follows by 126.00
A word of CAUTION on trading JPY Crosses
Please be warned that in view of the fact that continual appreciation of YEN may not be welcome by BOJ, the possibility of Forex Intervention by BOJ cannot be discarded., even though the probability is rather Low near term. Just keep this information in mind while trading YEN Crosses.
HAPPY TRADING
