Tuesday, June 18, 2013

USD/JPY

As far is the pair goes today...
As mentioned earlier, the FX pair and the market diverged today, the FX pair tried to gather steam for an upside move, but failed and is now leading negative. Keep in mind this is short term only, just like the last several trade ideas.

I have a feeling that the market is partly moving because of the F_E_D and partly because of a short squeeze as we are above the SPX triangle's apex.

I don't think this is the move that the 15 min FX charts forecast.

If I had to guess, I'd say there's going to be a shakeout of the longs from the last two days. This is why it's better to just let the trade come to you than chasing something you really don't have any good reason to have faith in.

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