Wednesday, October 7, 2009

Whippy behavior


EURJPY stopped out at breakeven shortly after my first posting earlier today. Is it really going to be this kind of week? After taking a quick look at the hourly chart, I shorted again at 131 this time. My reason is it again topped at the same level as where prior heavy selling came in. It also shows high wicks on the candles, indicating higher prices are being rejected. A new trend line intersects with resistance. We’ll have to see where it goes. I’m also short GBPJPY with similar behavior.

© Dianne Fecteau, 2009. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

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