Wednesday, July 08, 2009

Japanese Yen Surges



It's been awhile since I've posted about the Japanese Yen so here's an update. Back on May 12th I became bullish on the Yen based on the inverse head and shoulders pattern. Today's surge in the Japanese Yen took this currency well into the head and shoulders upside objective. If you are long this currency, the current price level would be a good area to exit the trade. You can see my original post and what the chart looked like from May 12th by clicking here. You can also view the June 9th update by clicking here.

2 comments:

Anonymous said...

Hi Kevin, great post as always.

Why not wait to see if the Yen will continue to surge above the inverse H&S target? Instead of taking profits now.


-- George H.

Kevin said...

Thanks for the kind words... I try not to be too greedy...If a maket hits a price objective, I usually exit. You would be surprised how fast markets can turn around and before you know it your profit has slipped away.

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