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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Trade Review: USD/JPY

Posted 00:00 14 December 2006 | 0

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I was expecting a higher number than expected, but today's headline US Retail sales number for November came out at a whopping 1.0% higher, and the core number came out at 1.1% (For a more indepth analysis of today's reports check out Big Pippin's Blog). Pretty crazy!!!

Sometimes I wonder why I even bother with fundamental analysis :D, but it's all good. I still have a longer term bearish outlook for USD, the timing just isn't right yet. The BOJ is pretty indecisive at the moment with mixed economic data, so who knows whats going to happen when it comes decision time for Japanese interest rates next week.

So, no trade for today, but we will continue to watch this pair and wait for the right trading opportunity.

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