The story of the week was, once again, the Japanese Yen. In the midst of political struggle in the Land of the rising Sun, the calls for market intervention are becoming louder and louder. Never mind, that the Bank of Japan will most likely not receive support from other central banks and will have to do open market operation alone. Given the recent experiences of the Swiss National Bank with intervention, this is not an easy task. Most of market observers see threats of intervention as political posturing and not a viable solution. Nonetheless, commentaries are thick with just such innuendos.
Meanwhile, the USD-JPY dropped to 83.65, almost touching the low from the week before. Admittedly, the Yen showed some weakness late in the week, after the release of US employment data. Due to Labor Day weekend, we might have to wait till later in order to see in this is a lasting phenomenon, or just a blip.
Our systems closed the month of August on positive note, although not as impressively as earlier in the summer. Also, results were varied greatly between them, but that is why we trade more than one system. Please see the results before and follow the link for details.
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Here are the results for last week:
- Daily Pound lost 71 pips ;
- Daily Euro gained 64 pips;
Follow the link on the right to view details.
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Last week's results.
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Due to summer vacation season, our updates have been somewhat erratic of late. Now we are returning to a more customary schedule. Today we are posting two possible trades, instead of the typical one, so their placement is slightly different, too. Nobody should be confused, though. We are looking at AUD-NZD pair, which a decent support at around 1.2680. If it breaks, this pair should continue lower. We are placing a sell order at 1.2670, with an objective of 1.2600.
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Trade of the week.
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We are returning to the Yen thread from up on the page. As mentioned before, the JPY has exhibited some vulnerability. It is most noticeable in the crosses, including the EUR-JPY. This pair has reached 109.60 on couple of occasions. Another attempt could lead to an upside breakout. Our intention is to buy it at 109.70. If this happens, we are looking for a large objective of 112.00.
Have a great Labor Day!
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Once again we must stress that the trades highlighted here are only a small sample of our trades. If you have any comments or would like to obtain more information please contact us at info@spectrumforex.com .
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Risk disclaimer:
Substantial risk is involved. Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex markets. Don't trade with money you can't afford to lose. Nothing in our website shall be deemed a solicitation or an offer to Buy/Sell futures and/or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our site. Also, the past performance of any trading methodology is not necessarily indicative of futures results. Trading involves high risks and you can lose a lot of money.
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