A couple of price set ups on the weekly chart on the Yen pairs for those who are interested in checking them out.The Yen has been strengthening since last week as a result of flight to safety especially from Europe that continues to see more and more economic turmoil on member states. Euro/Jpy has some divergence on the stochastics that may or may not play out.It is also at the 61.8 fib level next to some support at 102.66.This week holds some major European GDP releases that may impact the market tremendously.Lets see how it all plays out.
The Nzd/Jpy has more or less the same set up and may be a great play with some divergence on the RSI standing at a support of 62.50 this morning.With growing concern on its poor performance, it may just have a little correction should risk appetite continue to fade and resume its bearish trend.Watching for a better price to go in short.
The Euro dollar on the other hand broke out short as we had anticipated in the earlier week for some good pips on both the Euro/Usd and the Usd/Chf.The run may continue should there be poor economical data this week while the Usd will continue to gather strength as the safe heaven currency.Nzd/Usd also has some divergence on the weekly chart and I am waiting this pairs to see if opportunity may present itself for some correction before continuation with the trend.Good luck trading this week and watch out for the GDP figures coming up.
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