7 May 2012

Looking at the Japanese Yen...

The Japanese Yen futures market has pull backed to a resistance level that previously acted as as strong level of support. It is also sitting on the first test of the weekly 50ema since it broke through the moving average in the second week of February 2012. This may lead to further Yen weaknesses. Matching strengths and weaknesses will be a good trading approach. Commodity currencies such as CAD and AUD may benefit due to its historic seasonal strength. Considering, USDCAD looks weak on the current daily chart; if this triggers we may see further CAD strength. Coupled with the oversold readings on Crude Oil, CADJPY or AUDJPY doesn't seem like too bad a play.

As I'm currently away, posts may be a little light but I will endeavour to do my best.

Japanese Yen Futures:


AUDJPY:


CADJPY:



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2 comments:

  1. Toby8 May 2012 at 02:02

    Jitan,

    Are you looking for divergence on these trades as well?

    Thanks

    ReplyDelete
  2. Jitan Solanki10 May 2012 at 09:20

    In my personal style of trading - Yes.

    ReplyDelete

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