USD/JPY: I will be looking to get out of my USD/JPY short position very soon. The move from the top at 95.05 does not look impulsive so I suspect there will be another move higher before a sizeable pullback. Although Daily RSI is still well into overbought territory, I don't think a short term top is in just yet. If you are short this pair I suggest you do the same. I will be looking to get out for a small profit or at a minimum at break even.
GBP/JPY: Similar to U/J the recent move down from the top does not look like a motive wave. While I am not saying further downside is not possible, it looks highly likely to me that the top at 143.65 will be breached sometime in the near term. I am getting out of my short position at market for a small 50 pip profit. With a view to possibly get in at a higher level.
USD/CAD: While I still favour USD/CAD to the short side, my sell order at 1.025 is now unlikely to be hit as price has dropped away further since my post on this pair. I will still be watching for an opportunity to get short on a pullback however. Keep an eye on the price of Oil for clues as USD/CAD and Crude markets have a high negative correlation.
Friday, April 2, 2010
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment