I noticed that a long time ago, on my blog was not the topic regarding forecasts for the Japanese yen. Therefore, I decided to present my trade today on the currency pair USD/JPY. At the moment, profit is already 42 pips.
I think that at the moment the trend of weakening the yen ended perfectly 5 wave structure and at the moment I would expect a correction in most pairs associated with the yen.
Range of correction at the moment it is hard to determine exactly therefore I take the strategy of market observation and gradual lowering of Stop Loss.
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| USD/JPY M1, 2014-01-13 |
why I decided to take a short position on USD/JPY ?
For a few days I expect the average correction in the SP500, you can read about in my previous entries devoted to the Index. SP500 with currency pairs such as GBP/JPY, CHF/JPY or USD/JPY is very strongly correlated. So on Friday, when the yen began to strengthen and SP500 did not want to fall which resulted in magnification of the gap between them. Today I was almost sure that the strengthening of the yen will continue which will lead to a strong decrease in the SP500 Index which at the moment we are witnessing. Of course, fSP500 Index I also have a short position. :)
trade safe,
regards,
oscarjp
The information contained in this publication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Any opinion offered herein reflects oscarjp-chrimatistikos current judgment and may change without notice. Users acknowledge and agree to the fact that, by its very nature, any investment in shares, stock options and similar and assimilated products is characterised by a certain degree of uncertainty and that, consequently, any investment of this nature involves risks for which the user is solely responsible and liable.
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