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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September 2006

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Pick of the Day: USD/JPY

Posted 20:41 13 September 2006 | Comments

Greetings fellow traders! Tonight's pick is a simple one is that we're just going to jump into a short-term, fundamental based trend in USD/JPY. The yen has been creeping higher in value due to speculation that the Chinese will loosen their firm grip on their currency, the yuan. So, with the Japanese Yen being the main currency to represent that region of the globe, it has been in a slow and steady rise in value. This rise in value is probably caused by traders getting in position for the G-7 meeting this weekend. After the last G-7 we saw the yen drop, which we may see once again. So, for tonight's trade, we will short below the S1 line, and if the pair rises up from here, we'll short at the R1 line.