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Trump approval rating puts brakes on the tax billThe IMF urged Japan central bank to adhere to the current program of quantitative easing in the fight against stagnating consumer prices, the position voiced by the Central Bank official at the last meeting on monetary policy. Comments of the IMF Chairman Kristin Lagarde lay in opposition to the extensive criticism of the Bank of Japan, which does not want to reduce excessive stimulation, thus encouraging overbought stock market. Shares of Japanese companies are at the 26-year peak, and according to many, are hard to describe by the fundamentals. In turn, the growing rates margin amid ECB and Federal Reserves’ tightening will further promote capital outflows from the Japanese economy only by encouraging the investment activity of Japanese investors abroad. USDJPY fell on Wednesday, primarily due to worsening sentiment in the US currency. The US dollar dipped against its main opponents on Wednesday, trading in a limited range, as the direction will be set with details of the fiscal stimulation of the US economy, in particular tax reform. The weighted average dollar index rose to a maximum of 3.5 months in the last few weeks on expectations that large-scale tax breaks will lead to the need to raise the interest rate faster in order to protect the economy from overheating. The market has priced in the approval of budget reconciliation, which greatly facilitates the implementation of the reform, but despite significant progress, it remains sensitive to every detail about the discussion of reform in the Senate. Washington Post reported on Tuesday, referring to the unidentified sources in the government, that firms can receive tax benefits with a one-year delay to comply with the Senate rule. While the dollar only gives signs of anxiety, the sentiments for further rebound remain steady. Opposition to tax reform, perhaps one of Trump's major future achievements, can also grow because of the fall of the president's ratings. The WSJ poll showed that discontent is growing even among the core Trump electorate, so the reform itself may also be unpopular among the population, which gives another argument to Congress to block the bill. Arthur Idiatulin
Long
by Tickmill
1
USDJPY_Struggling at major daily ressistance_4 hour tf_110.000?Hello traders, I'm noticing USD/JPY 0.10% is testing a major overhead resistance level dating back to May 2017 for the third time. Each time this level is respected price proceeds to make quick moves to 110.000 (check out daily chart .) This stance contradicts my current understanding of market direction. My expectation is XXX/USD pairs falling with the EUR/USD 0.00% head and shoulders pattern that sprung last Thursday. That would mean USD/XXX pairs are expected to move higher, which is why I'm cautious of testing this level a third time. That being said, the possibility exists that DXY 0.05% could pullback to test the lower shoulder before moving lower. In the event that DXY 0.05% falls, opposite of my bias, I will trade USD/JPY 0.10% in strategy of having the best odds counter trend trading DXY 0.05% and EURUSD 0.00% head and shoulders pattern (see attached trade.) I'll need to see lower lows hold below 113.200 before I enter. Big news in the coming week with JPY Bank of Japans monetary statement expected some point Monday and USD Federal Reserves Janet Yellen Wednesday at 2:00 PM. I'll post any entries. Good Luck and patience! Tanner Elphee – Self-made Technical Analyst. Certification not held but desired after college. 5-year market enthusiast with experience in Forex, Futures , Stock, Options, Cryptocurrencies and Nadex. Also, a full-time college student majoring finance working full time with a small dealership in western VA . I work diligently pursuing my dream of professional trading. Trading View is my trading journal. I’m posting a series of live trades and documenting them in real time. Share your opinion, but remember it is only an opinion. Very eager to learn! Find TElphee on LinkedIn/Twitter/Trading View Disclaimer: This information is my own opinion and should not be considered investment advice. Please consult a professional before trading.
Short
by UnknownUnicorn981629
ETHUSD: Bird's eye view, don't miss the forest for the treesI'm holding long positions in $ETH, and aiming to add once we get further confirmation of the weekly uptrend resumption. Recent events have led to a rollercoaster of emotional trading and a lot of people badly positioned. I was anticipating a sentiment reset before, as you can see in my related ideas, it was in fact needed to resume the long term uptrend in cryptocurrencies, but it's never easy to maneuver keeping the long term picture in mind when short term charts and sentiment seem abysmal, but that is when opportunity comes knocking. Let's see if things evolve favorably, if I'm on the right track, market participants have weighted risks from China's crack down far too heavily and not considered positives like Japan's position in this juncture, or the massive potential of ICOs as a means to democratize venture capital, or heck, the implications of $ETH finally scaling once Metropolis finally goes live in 2 weeks. I added fundamental events and key levels on chart, I think we might see a quiet period during China's golden week, but, some traders might use the lower liquidity to squeeze shorts, after jewish investors return to the market after Yom Kippur. Keep an eye out for these developments, and be ready to increase your exposure, or, start getting involved in this great trend soon. Cheers, Ivan Labrie.
BITFINEX:ETHUSDLong
by IvanLabrie
21
EURJPY - Draghi to deliver a dovish press conference tomorrow?The Euro has been gaining a lot of strength in 2017 since the possibility of potential taper in 2018. Coupling with the weakness on JPY, we have seen EURJPY rallied over 13% from the low at 115 in April to the high at 130.60 recently. On the daily timeframe, we have seen price reaching the minimum fibonacci extension expectation, and thus believing that we might see either a retracement or reversal soon. Looking on a lower timeframe - 4-hourly, we saw a first impulsive move, and it is now completing a corrective move. This gives me a further indication that we may potentially see selling pressure on EURJPY. And the catalyst can just be a dovish Draghi tomorrow. Personal bias - look for short opportunities on EURJPY, at least for the short term targeting 127.50 region. *Make sure you have a plan to trade this pair.
Short
by KarYong
1
Japanese Yen (USDJPY) May 2017 OverviewWith geopolitical tension rising in the Asia, the Japanese Yen benefitted from its safe haven status in the second half of May, gaining around 400 pips in one week. The Japanese large positive external balance as well as huge international investments have driven yen’s demand even further, which mark the strength at 110 against the dollar – down from May’s high of above 114. Although the country has defeated the long-year deflation, real price gains still remain weak at 0.2% year on year – far below the Bank of Japan’s target of 2%. In the long term perspective, we still expect the Yen to weaken, and potentially driving the USDJPY towards the high around 120.
by KarYong
EURUSD: Long term outlookThe downtrend in the Euro is in danger here. If EURUSD stalls, or rallies higher, there's a chance that it breaks the 2-month timeframe downtrend mode resistance, igniting a fierce rally, after absorbing all overhead supply. I deem it as a lower probability event, but a very significant one, if we do indeed make the downtrend fail. I think we can see a huge rally. This is a very crowded trade, so I'll focus on attemtpting to catch the dollar fall, while still being long good value US equities. If by the end of June, we don't hit 0,98898, we could anticipate price breaking higher in time. The minimum required time is signaled on chart. Good luck, Ivan Labrie.
Long
by IvanLabrie
USDJPY: Trend is up nowI think we can be more or less sure that the trend has now turned up on this pair. I'm holding longs, although I had closed earlier, I reentered when turning up for the day today, after we made a new daily low. That was a good cue for a potential short term bottom. I like the VIX key levels on this pair, I have talked about this in the past. For more information, check Tim West's publications. If you're long, hold and trail stops gradually. Good luck! Ivan Labrie.
Long
by IvanLabrie
1
USDJPY: Bottom's in...as wellThis is an update to my previous $USDJPY publications. We are long, after averaging in for 4 days, starting the day of the exact low, with a cost basis of 108.66, holding a 33% account long position. I think we can resume the rally, and get an uptrend of proportions similar to the one that took place after the presidential election in the US. I'll be looking to add short term entries, applying multiple trend following proprietary strategies that we use to better leverage trends while they last. If you're already in, try to be patient and hold, after we surpass the red resistance zone we have a lot of upside in this pair. Good luck! Ivan Labrie.
Long
by IvanLabrie
12