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A Yen for Yen!
By Mike Conlon | September 11, 2009
Good gains today for the Japanese Yen, which of course means losses for the others. Top performing pairs are USD/JPY -1.46%, EUR/JPY -1.34%, AUD/JPY -1.31% and GBP/JPY -1.20%. Look for continued strength in the Yen in the upcoming days/weeks.
Take a look a USD/JPY (click chart to enlarge)
And also the double top that has formed on GBP/JPY. (click to enlarge)
Both of these charts show that the trend is positive for the Yen, so I would be long the Yen here. Until any significant news or price pattern tells me otherwise, I want to be a buyer of Yen.
Remember, when looking at charts of the Yen, down means up in relation to other currencies!
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Topics: What To Look At In The Market |
September 15th, 2009 at 5:06 pm
There have been at least two other occasions to make profit yesterday, on EUR/GBP and on AUD/USD.
EUR/GBP trade had to do with fundamentals, in the sense that two releases, UK producer prices and German ZEW, were forecasted with different expectations, weaker for the UK data and stronger for the EUR data. The movement made +100pips on buying EUR/GBP.
AUD/USD had found support on the SMA-50 on 4h chart and has reversed during the realease of US retail sales. This has yielded so far +50pips on buying AUD/USD.
September 16th, 2009 at 10:48 pm
that true JPY going bearish.
October 13th, 2009 at 3:58 am
A child alone is in more danger than in a group. ,
October 23rd, 2009 at 3:48 am
Yet, these same opponents would trust gov- ernment to provide the coinage. ,