Wednesday, November 14, 2007

Japanese Yen Holds Resistance



Above is a 3 1/2 year weekly chart of the Japanese Yen. A few days ago the Yen tested the high from last year and failed. You'll also notice the Yen has been making tops about every 8 or 9 months for the past few years and is now in the time window for a high.

It was tempting to short the Yen the other day at resistance but trying to pick a top is not a high probability trade so I did nothing.. I just wanted to share the above chart with all of you because it is something I'm watching..

A falling Yen might provide support for our stock market but that remains to be seen. As of now stocks seem to be weakening across the board which is causing me to remain on the sidelines. My reasons for looking to buy stocks are quickly evaporating!

3 comments:

Mark P said...

Hi,

In my opinion, the Yen is just a few days away from breaking 91.70 resistance. The long term monthly shows the Yen in a major uptrend.

kk said...

Kevin,

I really missed the old days that you posted lots of your thoughts on nice potential entries. It is much appreciated if you could kindly some of your thoughts that run into big trades.

The USD/CAD made a really unbeleivable weekly move. What do you think it is heading to?

Many thanks!!!

Kevin said...

HI KK.

I miss the old days too but I just don't have the time anymore to sit infront of my computer and make many posts every day..

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