Interesting safe haven pair - SHORT
Interesting pair with the constant flights to safety to and from the US$ and back again and now that Japan is considering changing it's stance on interest rates, this will create a great deal of strength in the Yen and they in turn, will join in the currency war to get some of that much-needed investor cash to prop up the economy, what keeps it going higher, the BOJ doing billions of bond purchasing.
It really pays to look at the long-term picture on here and the long-term weekly trend line and support areas are below the current position, remember that this pair has been in a bearish decline for two years, but sit up at the highs of a bull move between 2011 - and 2015, where we are now is below that move at a major fib level, which I'm holding out to revisit, at least for the short term, trade time 5 - 21 days to reach target. Trade risk is 2% of account, entered @112.8
The short term view is we continue to rotate up towards 113.5 inside this ascending wedge, which is a reversal pattern, bearish move long term, i.e. Daily chart
It really pays to look at the long-term picture on here and the long-term weekly trend line and support areas are below the current position, remember that this pair has been in a bearish decline for two years, but sit up at the highs of a bull move between 2011 - and 2015, where we are now is below that move at a major fib level, which I'm holding out to revisit, at least for the short term, trade time 5 - 21 days to reach target. Trade risk is 2% of account, entered @112.8
The short term view is we continue to rotate up towards 113.5 inside this ascending wedge, which is a reversal pattern, bearish move long term, i.e. Daily chart
Comment:
Still in profit, but moving slow, but I did forecast 21 days tops
Comment:
We have non-farm payroll today and some reasonable metrics that will impact the markets across the board, so an interesting first Friday of the month, currently I have an incredible portfolio of very profitable trades right now, check out my ideas, June and July was my biggest periods ever, but least amount of trades.
It's taken a while for this pair to break lower, but the YEN is winning and will continue to do so, the Franc is no longer pegged to the France, but is still impacted by the Eurozone, so that lack if interest rate increases will send more people running to the Yen.
Be very aware of your entries this morning, in early, out early today, unless you have some excellent positions that can handle being held over the weekend, I certainly do, I've held some trades for over a month.
Nothing ground breaking between the pair, but we are slowly grounding lower.
The weekly chart shows the pair has much further to fall inside the long term bull channel.
It's taken a while for this pair to break lower, but the YEN is winning and will continue to do so, the Franc is no longer pegged to the France, but is still impacted by the Eurozone, so that lack if interest rate increases will send more people running to the Yen.
Be very aware of your entries this morning, in early, out early today, unless you have some excellent positions that can handle being held over the weekend, I certainly do, I've held some trades for over a month.
Nothing ground breaking between the pair, but we are slowly grounding lower.
The weekly chart shows the pair has much further to fall inside the long term bull channel.
Comment:
Look at those lovely rejections off the moving average, target could be 110
Comment:
Approaching the target and I'm still looking for a break of that trend line for a nice move down, but patience will be required for that, interesting week ahead
Comment:
We're approaching the first target, now if the pair breaks out of the rising channel, we'll have a really big move on our hands, if it holds.
Trade closed: target reached:
Time to target: 6 days
Profit: 110 pips
2% risk - 1:2 return (4%)
Profit: 110 pips
2% risk - 1:2 return (4%)
