If it goes up to around 103.50, I would go short with stop loss at 105. The 105 level is the low of a previous wave 1, so the current wave 4 should not overlap it. The risk/reward ratio also seems appealing. I would be risking 150 pips for at least 800 pips.

It's quite a tough one as there is little doubt to where the trend lies. When price dropped out of the longer term price channel the subsequent low made does not appear to have been significant. Where it sits now is the 50% retracement level of the of the Feb - Mar Hi/Lo. What looks to me to be more significant is that since the Mar low, price has moved back into the price channel and has tested the lwr t'line for support which has held. It's this PA that leads me to think that fading a move above 103 is not likely to be successful although 103.89 (61.8%) may provide resistance at first, a break here would then see 105.68 come into view. At this point the move back into the PC is approximately 50% of the width of the channel and would offer a much better long Yen opportunity. Below 100.97 (23%) would also provide a long Yen opportunity with a test of the lows the likely target. Between those figures, I see a slight short Yen (long USD) bias keeping an eye on the lower PC t'line and the 100.97 level.

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thank u guys for ur fast reply , m waiting for right entry .

Don't see this decline as anything other than a fakeout. The EUR/USD hasn't exceeded wave b at 5900 so the triangle is still in tact. I expect the dollar to recover and bring it back to the low 5600s. So the USD/JPY should rally. I entered a long position at 101.84 with a stop at 101.70 (currently 101.92). Just liked the risk/reward here.

Dollar still has one last push in it. I'm not fooled by this dollar weakness right now. I'm only very short term bullish on the dollar now. It will fall off a cliff after one last rally.

American-T

I was stopped out, but that doesn't change the immediate short term bullish outlook on the pair. It should all just be part of a small 4th wave within a correction. Target is still 103.00-103.50 before it falls off a cliff.

American-T

i see a possible hit out to decent supp at 101.20 followed by 100.77-85 which is buyable if the supp around 101.45 area holds........
initial topside could commnece from around 102.20 area but 101.77 is a better area....

today close below 101.94 could make the point more valid......especially if we close below 101.66.........

__________________
Patience is virtue. The sooner we learn this all, sooner we can start walking to the bank. Good Luck to all of us—
The trick is to wait the price meet ur limits, instead of one jumping in.. however scalps is a totally different scenario and is not everyone's cup of tea
Disclaimer: I'm not at all suggesting trades when by either posting the graphs, or my entries. You can view it, but in the end you have to use your own logic and approach, as there is no certainty about this uncertain market...

I was stopped out of this trade but have re-entered a long position at 101.75 with a stop at 101.40. Dollar is still bullish from what I can see.

American-T

Are you long now? Against what level? 101.40 for me. I noticed you recognized the 101.45 support level I place my stop under.

American-T

i have order to enter shorts at 102.03 only single lot and have 2 more waiting at 102.25..
these are mere tester to see if we can play below the formal band of 102.19-102.77.. only a move above 102.44 will invalidate the downtrend and back to range trading or break higher testing 103.66 which i feel are better lvls to short heavy which i might..

the short entries have tgts from 101.37 to 100.88 at the present. this off-course depends if i end up picking all entires. current chop on the TL's points to 102.08 hence the entry 102.03 for that matter.
101.77-85 stall and i will long....

however my main concentration is in EURO and will look for 5788 to enter longs.......... on a stall / bounce...........

EDIT:
i have just placed entries for a longer term trade on euppy shorts starting from 161.47 followed by 161.70 where i expect a double forming.....

no stops and i will decide after European session opens how things unfold..... these are not heavy lots and i think 158.44 is getting ripe on charts for euppy followed by 155.20 which could be the final tgt on these shorts..
offocurse will see if yen stays below 102.44 and have a go to 101.88 and euro might go for a stall / slower pace on to the north side.........

__________________
Patience is virtue. The sooner we learn this all, sooner we can start walking to the bank. Good Luck to all of us—
The trick is to wait the price meet ur limits, instead of one jumping in.. however scalps is a totally different scenario and is not everyone's cup of tea
Disclaimer: I'm not at all suggesting trades when by either posting the graphs, or my entries. You can view it, but in the end you have to use your own logic and approach, as there is no certainty about this uncertain market...

Entry at 101.24.
Limit order at 100.47.
Stop at 102.82

Broke the 15 SMA daily high at 101.48. Lower 15 SMA daily is 100.08.

Longer term bottoms at 98.81 & 98.54.

Gotta break through 101 first.

missed out on all entries, did manage a small euppy shorts from 161.12 for 80 pips..

went long on yen rt here at 100.89 for a small retrace back to 101.44.......
could have been sweet had i got my entries in..........

__________________
Patience is virtue. The sooner we learn this all, sooner we can start walking to the bank. Good Luck to all of us—
The trick is to wait the price meet ur limits, instead of one jumping in.. however scalps is a totally different scenario and is not everyone's cup of tea
Disclaimer: I'm not at all suggesting trades when by either posting the graphs, or my entries. You can view it, but in the end you have to use your own logic and approach, as there is no certainty about this uncertain market...

for what it is worth this push below 100.66 is looking good to hit aorund 100.14-22 where i intend to take more longs now....
added one more at 100.57..............

__________________
Patience is virtue. The sooner we learn this all, sooner we can start walking to the bank. Good Luck to all of us—
The trick is to wait the price meet ur limits, instead of one jumping in.. however scalps is a totally different scenario and is not everyone's cup of tea
Disclaimer: I'm not at all suggesting trades when by either posting the graphs, or my entries. You can view it, but in the end you have to use your own logic and approach, as there is no certainty about this uncertain market...

Cleared the limit.. Gonna let it run a little bit. Fail safe Take profit is 100.50

Added another position at 100.08. It may not be today but looking for a test of 99.00 / 98.50. We are getting back into the congestion area. 98.50 is current key support before a larger drop to retest the lows of 95.50

Closed both positions at 100.50