Technical Trading Tips and Techniques by EUR/JPY has been consolidating right underneath the key 135.00 support/resistance level for the last week and a half, while still respecting a parallel uptrend channel that has been in place since late April. On a longer-term basis, a strong uptrend actually extends all the way back to the long-term extreme low hit in January. For more technical analysis on this currency pair, please click here for Friday’s (6/26/2008) Chart of the Day.
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2 Responses to “EUR/JPY - Bounce off Bottom of Uptrend Channel”
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Hi James, A little off topic, but what to you make of this and the future of FX in USA, I for one do not like these changes and do not like having to move an account to the U.K. only to later find that they make similar changes. See the email recently received from FXCM: “The primary regulatory authority for forex in the United States, National Futures Association (NFA), has implemented new requirements that will have dramatic consequences for your MT4 account.
Hedging functionality has already been removed, and after July 31, 2009, First In, First Out execution will be required, which mandates that the first order in must also be the first order closed. Regulatory requirements in the United States will also likely restrict Forex Dealer Members from offering more than 100:1 leverage on major currency pairs and will be limited to 25:1 leverage on non-majors”
“What does this mean for your MT4 account?
To date, we have received no indication from MetaQuotes that they will be able to comply with First In, First Out execution by July 31, 2009. As such, the combined changes brought about by NFA Compliance Rule 2-43 will mean that traders will no longer be able to trade MT4 with U.S. regulated brokers. Assuming that MetaQuotes is able to comply, there will still be major implications:
Traders will have fewer order choices
Traders will have drastic limitations to their risk management options.
The vast majority of Expert Advisors will no longer be functioning
Hi Deb,
Thanks for visiting and for your comprehensive question. That’s a long and involved topic - probably a bit too long and involved for this blog, as well as off topic, as you mentioned. But I would be more than happy to discuss this with you on the phone, if you would like. You can always call FX Solutions and ask for me. When I am available, I would be very happy to discuss. Thanks, Deb!
- James Chen