The chart below is a good representation of the USD currency market at the moment.
Chart below
Price is stuck in a triangle and I am having to sit on my hands waiting for a break, either long or short.
For the moment USD remains weak, and so does the EURO, so price is just going sideways.
I will wait for price to pick its direction before getting involved with the USD charts.
YEN
The Japanese Yen has picked up some momentum and surprise surprise the two trades that were tried last week, (Euro / JPY and Aud / JPY) have both made significant moves to the down side with both trades hitting their respective targets.
However if I had held risk on the trades I would have been stopped for -1% each before the move down.
AJ chart below
EJ chart below
This leaves me in the difficult place of being on the sidelines.
However I will wait and preserve the capital until the right trade with the correct risk reward comes along.
My alarms are set and I will be notified if a break happens, at which time I will assess the trade and if it ticks the boxes I will place my orders.
Have a good week and I will update as soon as I have something to trade.
Regards
Scott
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