About Pick of the Day

Each day, I will try to find what I believe is the best looking short term trade setup for the upcoming trading day or week. If you're a forex newbie, it can be tricky in the beginning trying to figure out how to look at charts and draw lines. My goal is help you understand the psychology of price movements so you can learn to analyze your own charts and trade on your very own. I will post my ideas and/or reviews through out each session right here, on Twitter and on Facebook.

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May 2006

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Pick of the Day: EUR/JPY

Posted 22:32 10 May 2006 | Comments

In tonight's pick I'm looking for the Japanese Yen to strengthen against the Euro. We have seen Asian currencies rally against the majors in the past few trading days. Especially the Yen, as traders are positioning for a possible rate hike out of the BoJ. The pair has been in a down trend on the one hour chart, but it's possible we may see a short move upward before it continues its downward move. We have German GDP being released at 2:00 pm EST. Please be cautious during that time. Here are a couple of short ideas:

Short EUR/JPY at 141.25, stop at 141.55, PT1 at 140.05, PT2 at 140.85

If the pair moves higher, then:

Short EUR/JPY at 142.05, stop at 142.35, PT1 at 141.80, PT2 at 141.50

Good luck and good trading!