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Look for a sizable correction in the yen crosses and dollar pairs!
By Sean Hyman | May 11, 2009
Well, pairs can’t go straight up forever…and so it is with the yen crosses and dollar pairs. Lately, foreign currencies have been rallying hard especially against the yen but also the dollar.
Well, now it’s probably a good time for a sizable correction in the favor of the yen and dollar over the course of the next day to days. However, I’d not suggest counter trend trading…but rather, waiting for the uptrend in these pairs to resume.
Also, remember that the dollar index has broken its uptrend but will likely trade back up to the breakout point before resuming this new downtrend. Therefore, be patient…you’ll retain more profits that way be doing so.
After a sizable correction…AUD/USD, AUD/JPY, EUR/USD, EUR/JPY all may be ready for a good run up. We’ll see! Get a free practice account here: http://www.fxedu.com/practice-forex-account
Sean Hyman
www.forextradingblog.com
Tags: AUD, blog, breakout, course, currencies, dollar, dow, downtrend, forex, forextrading, index, jpy, pair, time, trade, trend trading, uptrend, USD, Yen
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