About Pick of the Day

Pick of the Day Author

At the end of each trading day, I will find what I believe is the best looking short term trade setup for the upcoming trading day. 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. Trades will be posted by 1 am ET, Monday through Thursday evening.

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Pick of the Day: USD/JPY

Posted 20:15 10 July 2006 | 0

We've seen the Yen gain against many different currencies as traders anticipate that the Bank of Japan will finally raise interest rates from 0% to .25%. It seems that this is being priced into USD/JPY as we speak, but will the trend continue right up to the BoJ statement? Who knows? But from what I can see in this pair is that the recent strength in the US dollar may fade as it hits the 38% fib line and seems to resume its downtrend on the hourly chart. Let's see if we catch a new leg of this move...

Short USDJPY at 113.90, stop at 114.30, pt1 at 113.50, pt2 at 113.20

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