EURUSD: Weekend Analysis

I don't generally trade the EURUSD but since it's the weekend I seem to have some extra time on my hands.Here are a series of charts, in varying timeframes, that I'd use to get a general feel for this currency pair.First, let's look at the 1D chart to see what's happened over the long term. I've compressed the chart a fair amount in order to get it to fit into a single snapshot -- you should be

AUDJPY: Weekend Recap

I don't really have anything new to add since Forex markets are closed for the weekend.We are still constrained within what appears to be a consolidation pattern. We are approaching the end of the pattern and the bollinger bands on my 1hr chart are collapsing.I've also got a nifty new screen snipping tool that I wanted to try out... ;)While I do remain long term bullish there is a lot of noise

AUDJPY: Collapsing Bollinger

The range of price movements has been shrinking.Or, as generally considered from a technical analysis point of view, the bollinger bands are collapsing.Your guess is as good as mine as to the direction it will go, but usually when the bollinger bands collapse the currency will have completed it's consolidation and start a reasonable move up or down.Given that it's a Friday I'd have to say be

AUDJPY: Now What?

Well, we didn't really do much at all yesterday after bouncing off of a support line a couple of times.What does this mean?This means that the AUDJPY currency pair isn't currently behaving in a way that makes it easy to interpret. This means that we need to be careful.I have no idea what the market will do... except that it will either go up or down at some point.

AUDJPY: Some Upward Movement

Finally, after suggesting all day long that I'm looking for upward movement it's finally here.How long will it last? Who knows. Will it hit the top of my so-called consolidation zone? Don't know.Anyway, here's the latest from my chart...I'll be happiest if the pair zooms up like a rocket, but I'll lock in some profit if we get close to the resistance line.

AUDJPY: Still In Consolidation Range

I didn't have time to post another update during the day, but things have been pretty slow anyway.Here you can see that the AUDJPY has not yet broken out of the trend lines (that I have shown in early charts).I'm not sure what is going to happen during the Asian session, but as ever, I'm hoping for some bullish action.I'm sure you can see the market honoring the trend line by bouncing off it?

AUDJPY: Slow Decline

I'm sitting here watching the slow, achingly slow, decline in the AUDJPY.Based on RSI and stochastic evidence, not shown on the image below, it's very possible that we'll get an upturn soon.Anyway, this image shows you that we are continuing to approach what I've called a containment field. It represents a possible consolidation zone while the market tries to figure out whether to ultimately

AUDJPY: Don't Cross The Streams!

It looks like we are going to test the containment of the possible AUDJPY consolidation zone I mentioned previously.Frankly, I had expected the market to hold up better to the news concerning jobs and housing, but then, if I could accurately predict what would happen I wouldn't be speculating would I?In any case, if we get an upward bounce around 70.75 - 70.85 then we are still in what I consider

AUDJPY: Risk Aversion

It's likely, with the bad jobs and housing starts news this morning, that risk aversion will come into play.Basically, the AUDJPY is a good indicator of fear in the markets these days.With all that said, I'm still going to watch closely for a bounce of the potential support line. That is likely to be the point that the market decides to rally or collapse for the day.... continuing ... I don't

AUDJPY: Possible Consolidation?

It's nearly 9:00am EST and we didn't drop low enough to get a real double bottom. We may have begun a consolidation process between 73.50 and 70.25 while the market figures out whether the next move is up or down.We'll have to see whether we continue to have lower highs and higher lows.If we are consolidating, then it's not hard to spot the support and resistance lines that will be likely to

AUDJPY: Long Entry Decision

I've been having some success calling the shots on the AUDJPY charts.This morning we've been having a correction from yesterday's highs. While I've been hearing scuttlebutt on twitter concerning shorting the carry trades, I remain upward biased.My view, the current drop in price is setting us up for a possible double bottom or simply a W shaped chart. Simultaneously, I do see some stochastic and

AUDJPY: Rebound

Sweet. I've got a support line around ~70.60 that is approximately where the market bounced back into upward movement.If you follow my ramblings on Twitter you'll see me making noises about a rebound in the works... and it came about while I was asleep.It's a very good feeling to have the market respect your charts and signals. Too bad it doesn't happen all that often.No time to look into

AUDJPY: Risk vs Opportunity

Today we see the crux of the issue.The AUDJPY has suffered a pullback. A return to recent highs gives us the possibility of a double top. A bounce off the recent low gives us the possibility of the a double bottom. There may be more complex structures at play as well, but you get the idea.This is risk point. This is an opportunity point.If you get in, say with a long position right now, you

AUDJPY: Forex Recap

It was a good day to be long AUDJPY.We're in a bit of a pullback right now. Obviously, this is either a great time to get in or it's the start of a downturn.That's how it works!I'm willing to take a nibble...

Bullish on AUDJPY

At the moment things are looking bullish for the AUDJPY.I popped in another small position a few moments ago and so far it's been north from there. If things turn around I'll wait for a good low and then play the game where I replace higher longs with lower longs.Obviously, though I don't expect another huge currency collapse, I'll still have to play it cautiously. You never can tell what might