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Japan Sees Continued Improvement

Posted on May 27, 2009 at 20:46 in Daily Trading, From My Trading Desk by Ryan O'Keefe

Dollar sentiment seems to be improving tonight against the Yen with a rally up to $96. The Dollar is challenging the lower boundaries of 19th’s Doji. Retail sales data out of Japan tonight post a better than expected -2.9% loss versus the anticipated -3.2% loss.$96.09 marks a 38.2% pull back from the down trend which broke the head and shoulders pattern on this pair. Looking at the daily and weekly time frames I still think $96 is a decent pivot back to the downside on this pair. I’m testing the waters with a small short at $95.90. I suspect if I’m wrong I’ll get stopped out by the end of New York tomorrow, guess we will see. Regardless of potential support at $94 the plan for now is still the same, targeting $92.70 or lower.

Stay tuned…

IMPORTANT NOTICE: These comments are for information purposes only. My opinions or other information contained in this post do not constitute investment advice. It should not be understood as a direct recommendation to buy or sell any currency contract or other investment vehicle. Forex trading involves substantial risk of loss and is not suitable for all investors.

One Response to “Japan Sees Continued Improvement”

on 30 May 2009 at 3:19 pm1Ryan O'Keefe

That is a great comment, I love it! Yeah I took a small loss on that one but at least my thoughts on selling the USD/CHF made up for it at the end of the week. LOL!

Glad to have you as a reader, appreciate the comments!

Ryan

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