Japanese Yen
Today I exited my long position in the Japanese Yen at a loss. If you recall I was bullish on this currency based on the weekly trend being up and several other technical factors that simply didn't work for me this time.
There is a bullish divergence forming in the MACD right now so I may get back in at some point but for now I'll remain on the sidelines.
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3 comments:
5yr swap rate broke out 3 days ago.
You might have longed USD/JPY after the 5yr US swap rate closed above 4%.
Fundementally, Fed stop cutting, which could boost USD across the board. AUD and EUR are most over valued currency against USD. When they start cutting and Fed start raising, you could see Aussie and Euro get slaughtered. USD/JPY can rally big just because of USD strenghth.
Any fundenmental view on GBP/USD trending up? I don't see it go up. Instead, a much safer trade would be in GBP/EUR.
Good call. I'm very bullish on Nikkei futures.
Great call on the Dow Kevin! Your head and shoulder call hit 12,344 today. Thanks for sharing your expertise. Everett
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