Last Thursday I wrote about the potential trend change for the YEN, which has been dominant since November. If you're interested, go back and take a look at that post. We all know that Technical Analysis is an art and that fundamental analysis, while a little more empirical, still requires interpretation. However, price action fell right into my lap and I got in early on a couple long trades. Market action for the YEN seemed to suggest a potential shift and we're seeing an inkling of that with pairs such as the USDJPY and AUDJPY, both of which I am currently LONG.
With that said, although we've broken out of the downtrending channel, we are now in a range between 105.25 and 107.750. I have set my target right around the 107.750 as I anticipate selling pressure around this area.
With that said, although we've broken out of the downtrending channel, we are now in a range between 105.25 and 107.750. I have set my target right around the 107.750 as I anticipate selling pressure around this area.
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