Seems like you got the consolidation right around your entry point. But I will still wait it out until it gives me some confirmation of a break to the upside.
jhakas
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retracement downside will start once uj will go beyond 120.9... and above it i expect uj to continue towards 122..
dchua1969
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Jpn PMI just released and is lower than forecast, any impact ?
jhakas
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some data has an impact and some has not...
dchua1969
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correct me if i am wrong, with BOC introducing -ve interest rate, it makes yen cheaper compared to USD. Banks can borrow it cheaply and invest the money in higher interest instruments and after paying off the interest, still pocket a huge profits.
jhakas
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Indeed correction :)
its BOJ not BOC
jhakas
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Japan is an exporting country.. and cheap yen boost overall economy and give exporters handsome profits upon sale of export products.. so thats the main reason BOJ keeping yen low..
dchua1969
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can you share your explanation to long after the long bar up ? should we not wait for a pull back first and then enter ?thanks
jhakas
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There is a big possiblity for uj to retrace under 121... and for today support is @ 120.42.. i didnt enter long after watching bar of uj.. but i was having pending order.. and earlier uj went up without filling order with 1 pip and now it came down again and order filled..
I think uj will not retrace much and will keep on marching towards 122.. and if it retraces then buying opportunties both for long term and for short term.. as I am expecting uj now towards 124 and high long term and short term i am expecting towards 122.2 and high..