Sunday 14 April 2013

JPY pairs are reversing or what?

Last week was relatively better for me. EUR/JPY pair gave me about 250 pips. From AUD/CAD pair, I grabbed 37 more pips. Both the trade were long entry. But after giving me good amount of pips, price started to retrace at the last couple of days of last week.

AUD/CAD pair formed a double top at 1.0708 and started to move towards the dynamic support area and the diagonal trend line. I expect price to pull back again. So I'm going to monitor this pair next week because price expected to move beyond the above mentioned level when price broke out from the flag formation in its up trend.

I'm going to keeping my eyes on the following currency pairs. AUD/USD, AUD/CAD, EUR/JPY, EUR/USD, GBP/USD & NZD/USD. I'll tell something more about my plan tomorrow. All the pairs will be monitored in H4 TF.

JPY pairs  will be on my top watch list as the pairs started to fall all at once on the last day of the week. Will it fall until close the gaps or again start to rise up weakening the jpy? Let's see.

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