Pullback in The Japanese Yen
I just wanted to post a chart of the Japanese Yen because this may be a pullback to buy. You'll notice that since the Yen began trending higher, the stochastics helped time every pullback. Right now the stochastics are in the buy zone which indicates this may be a buying opportunity if you believe the trend in the yen will continue higher. We'll see what happens.
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5 comments:
may i disagree with you ..reason...I see 5 Weaves UP from June 07 and i think that market is about to make 3 waves down
anyway your blog is fantastic. what happened with your Forex blog
kevin,
i have done only a few currency trades..
in IB when i buy EUR.USD expecting EUR to go up, i also get higher cash interest than dollar (am i right) so if right you have double benefits..
in case of JPY, the interst is nothing..I know u expect swift movement in currency but does interest comes to your mind at all?
Hi Ilian,
I agree that the trend might be a little mature but I still wanted to point out that it's possible for the yen to head back up based on the stochastic oscillator.
I stopped my Forex blog last summer...it's easier to keep everything under one roof so I post all my comments here.
Hi anonymous,
Interest does not come to my mind at all when I trade currencies. I'm not a long term trader.
Kevin,
That would be interesting if yen starts heading up. In the past, you posted the near perfect inverse relationship between yen and s&p 500 index. Do you think the rising yen could cause a new round of market sell off to retest the January low?
Thanks for your insights.
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