Dynamic Trader Forex Blog FXCPS.co.uk: Falling JPY

Good Evening / Morning Dynamic Traders

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

Cross = USDJPY : Day chart below.

Welcome to the week and I hope all on the other side of the pond had a great holiday celebrating MLK Day.

On my last post I told you one of the trades in my basket was the GBPCAD, which stopped me out with no loss due to my trade management system. I have since re entered this trade on a short trade which is in a marginal loss at present, but it is early days yet.

Tonight I would like to look at another one of my current trades and that is the JPY which you will see from tonight chart is in a nice steady down trend. You will also notice how important the VI is playing with the price.

Price has remained closely linked to the VI and has found resistance of late, Yes the price did go outside the drawn trading channels, but this could have been a fake break out or double top and we also have a RN.

Indicators are "Bearish" and a move down could be on the cards. Please make your own analysis before making any trades.