Close Open Orders: 2008-03-14 14:06
So no trade, and with the pair currently trading below 100.00, we will close open orders and start our weekend early! Have a good one!
Trade Idea: 2008-03-13 20:31
Today, we saw the Greenback fall further against the Japanese Yen to levels it hasn’t seen in a few years. Will we see the US Dollar slide further or will 100.00 hold?
The trend is definitely to the downside as the pair has fallen over 1000 pips over the last couple of months. Fundamentally, we are not going to see relief in the credit markets anytime soon it seems, even after the Fed’s relief plans proposed this week. So, risk aversion is still in play and with speculation the Fed will continue to cut interest rates even further, shorting the US Dollar still looks tempting, especially on minor rallies.
The pair touched 100.00, held, and rallied. Kinda expected given its psychological significance. This may be our opportunity to short at a better price and hopefully ride this pair down if it does breakout lower. If we see USD/JPY rally to the Fib levels drawn on the chart, I am going to short.
Stay tuned, good luck and good trading!