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Dear Carl
technically doll yen on any correlation as the weak dollar trend should
collpase to 105 lvl especially on the major lvl of 115.But being yen and
japan as on Monday they spent on what market estimates 17 bio dolls
supporting it.They succeeded in taking it back from the abyss at 115,10 to
117,40.There appetite and resolve to defend plus they can just print yen to
sell means that this is a battle royale,their firepower is so big that I
believe you should be very careful.A weak yen is the only thing keeping Japn
going despite Snow comment that he thought they should let the market find
the lvl they carry on finetuning.
regards
Marc
I trade mostly fx and options for 15 years as aprop trader contributed off
and on last 5 years
-----Original Message-----
From: Carl V [mailto:carl.vanhaesendonck@xxxxxxxxxx]
Sent: Mittwoch, 21. Mai 2003 19:24
To: realtraders@xxxxxxxxxxxxxxx
Subject: [RT] Upcoming USDJPY Crash or Rebound
Sorry if you already treated this subject recently, as I was away
from RT for several months.
But I found something exciting, but quite frightening, by looking at
LT USDJPY charts:
In the attached chart, you will see a monthly bar chart, with 3 very
reliable patterns: 2 triangle, and one H&S formation, all converging
to...NOW (the last bar on the chart).
If the actual 1.15 level is broken down, it means that the Head &
Shoulder is confirmed; objective: 0.95.
But this happens, automatically the two triangles are broken at the
downside, wich implies 2 dramatic objectives of respectively...0.36
and 0.12 for USDJPY !!!
And...if you change the chart to logarythmic, the triangles are
already broken.
So, I expect that if USDJPY does not react NOW, in the very next
hours or days, to the upside, it is done.
I could only vaguely imagine WHAT world event could accompany /
justify such move.
What do you think ? I am interested. My opinion is that USDJPY will
react now to the upside (which he just did when he touched the 1.15
level, but for how long)
Carl
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