Dynamic Trader Forex Blog FXCPS.co.uk: Yen sets lower in the EAST

Good Evening / Morning Dynamic Traders

"Better to have tried and failed, than not tried at all"

Cross = JPY: Day Chart (Posted Below)

Those of you on tonight's webinair should have enjoyed a well presented piece on the effects of the mind regarding trading by fellow blogger "Saba Jackson", I hope you enjoyed it as much as I did. Thanks Saba.

I have moved to the EAST for this weeks cross and chosen the JPY, so as usual lets get a flavour of what is happening or has happened.

The MONTHLY chart shows the trend being sidewards to down, with prices not yet as low as in April 1995. Since the highs of June 2007 we have had a down trend with two pull-backs before price continuing DOWN. The RN 100.00 is providing resistance to the price.

The WEEKLY chart shows the squeeze on price in more detail and also shows a potential BOB to the SUPPORT line with little space left in the squeeze. A move onto the Day chart will show even greater detail.

On the DAILY we have VI patrolling the sky above the resistance line and RN 100.00 adding to the force down. RSI is below 50 and pointing down, with stochastic s entering the OS area. The potential BOB has breached the support line of 21st January 2009 and also a key support line of 95.69. Patience will be needed as the day candle has a way to go to become complete and then our measuring tape can be used for ENTRY.