Divergence In The Japanese Yen
Last week I was bullish on the Japanese yen but after seeing today's action I was obviously dead wrong with my timing. If you look at the stochastics you will see a bullish divergence taking place right now. The trend is still up so I'd still be looking to buy the Yen once the stochastics crosses back up above the 20 level.
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2 comments:
Kevin,
Can you tell us why you are bullish on both Yen and Dow? They are highly negatively correlated, right?
I'm bullish on the yen because the trend is still up and as long as it's up, I'll look for reasons to buy..
I'm bullish on the dow because of the dow theory buy signal and the double bottom in the S&P.
I know the Yen and the Dow are negatively correlated but I'm going to still trade what I see and not what I think..Who knows, maybe I'll be wrong about both markets!
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