Waiting for a Yen pullback?
by Trader Rich
I’m waiting on a Yen pullback. The price has been hanging around the S2 pivot point all day. Depending on where the pair is during the Asian open, I may be shorting this pair if it pulls back a little more. Remember that this pair is trending on the 240-minute and momentum indicators aren’t worth a bit. Right now I’m watching the Directional Movement Index, pivot points, and trendlines. The pair will have to pull back quite a bit for my continued interest, at least to the high 116′s.
The chart below shows the S2 pivot point at 116.08, .09 below the price (bottom red dotted line). The pivot point for today was 116.807 (thin solid black line)