Yen retracing
October 19, 2005 by Trader Rich
I’m continuing to watch the retrace of the Yen today and my strategy below may still be a good play.
I’m watching the Yen retrace and will buy when the time is right. I’m looking at hourly Moving Averages as support levels:
The Black line is the SMA(20) and is 115.48.
The Red line is the SMA(30) and is 115.27.
If the pair hits support at one of these levels, I’ll probably initiate a long position.
I’m projecting the pair to retrace to 115.17 before heading back up to 116.50.
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Perhaps the key here is to watch the reaction to the narrow range 115 - 116? 116 being heavily defended by options barriers, stops above up to 116.25 with 116.7 the mid Sep ‘03 weekly break point. Further up, 117.25 16th Sep ‘03 sell break.
Below 115, nearest support lies at 114.90 …
JPY: Fundamentals are out … IR’s are in.
Perhaps the key here is to watch the reaction to the narrow range 115 - 116? 116 being heavily defended by options barriers, stops above up to 116.25 with 116.7 the mid Sep ‘03 weekly break point. Further up, 117.25 16th Sep ‘03 sell break.
Below 115, nearest support lies at 114.90 …
JPY: Fundamentals are out … IR’s are in.