By Michael Storm– Michael is the Host of the NY session trading room from Winners Edge Trading. Michael makes calls like these everyday. Listen to Michael Live by Signing up for the Trading Room.
Hi Folks, just wanted to give you an update on a chart I am watching. take a look at this usd jpy 1 hour:
We consolidated quite heavy for about 10 days before the breakout that put us in the bull run towards our target of 94 and that was taken out by about a hundred pips higher. Nothing rises forever without pulling back and it looks to be considerable. Notice we are setting up a test of the initial breakout zone and are now making a minor series of higher lows, forming into a triangle. Not sure what exactly will happen here…. But we expect a weaker yen for japans economic recovery (they need it). Furthermore we believe we could see 97 and even parity coming in the future weeks and months ahead, so this is something to pay close attention to when trading all our yen crosses. Roomies know how much we love euroyen and poundyen, as well as many others. Just wanted to share this with you all and watch out for a breakout or breakdown, as this triangle tightens up. Till next time, happy trading. Michael Storm aka robinhood.
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