The Yen Again

Once again the story for today deals with the Yen. Everything I read talks about how the Yen is under pressure now that there are strong signs they will not raise rates again. There was a brief advancement for the Yen against the USD after the trade balance showed a widening deficit. This move was brief and once again the dollar picked up where it left off.

Forget the EUR/USD right now. This pair has been extremely boring for quite some time. So boring in fact that I haven't even been seeing any reports on that pair lately. Until we can get a clearer fundamental picture between the Euro-zone and the US, expect to see more boring range trading.

Alba produced nothing again today, even with the widening trade deficit. We did see some spikes but the price settled back to it's range with a slight edge going to the dollar (at the time of this writing).

There are 4 charts I'm looking at right now. The USD/JPY has made a new 20 day high today and looks like it is going strong. Simultaneously, the USD/CHF has made a new 20 day high and the AUD/USD has made a new 20 day low. I am waiting to see if there will be some profit taking and then a re-test of these levels before deciding to enter. However, those 3 pairs are on my radar now. Another pair that I am close to trading is the AUD/CAD. There were 2 days of nice consolidation on 9/07 and 9/10 and I now am looking to play a breakout. I have set entry orders at .8460 and .8387 and will put stop and reverse orders on one of those levels when/if they trigger.

Nothing great is happening tomorrow for the EUR/USD so I would expect to see some more crappiness. If I didn't love that pair so much I'd punch it! Sigh :) Can't live with it, can't make money without it--Forex!

Happy trading everyone!

-BP

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