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Will the YEN hold its STRENGTH?
On 6/15/09, the EURJPY BEARS managed to hold on control of zone 322 at the upper 137 range and again on 7/2 when they the held BULLS from pulling the price up to the upper 136 range, high of 136.87 last week. From there, the YEN counter pairs weakened further and gave us lotsa pips on our short swing and day trades through end of last Friday session.
EURJPY daily chart as shown below is on Sideway mode based on the Z3 Trend Factor Score. Friday's close was lower than the previous day yet higher than this week's low. The early part of this week's open will be interesting as we may see some constant TOW sessions (Tug-of-War) between the BULLS and the BEARS.
As of Friday, EURJPY is still below the HAMA on D1 and the hourly. We can anticipate the usual retracement in the early sessions. But, word of wisdom, always trade what you see on your chart. I will watch the opening sessions where the BULLS and BEARS players line up from there. Trade well!
ENJOY!
fxcruiser
Last edited by fxcruiser; 07-12-2009 at 05:05 PM.
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