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Weekend Trading Update. Euro Yen Rallies 230 Pips.

Euro Yen Rally
Euro Yen rallied 230 pips on Friday after after a G7 official said that a statement about excessive weakness in the Yen was miss interpreted. The statement was meant to express concern about excessive movements in the Japanese yen, but was interpreted as concern about Yen weakness, which initially saw the Yen strengthen. When the comments were re run with the correct interpretation stressed, we saw Yen weakness return to the market.

The move was very quick, and i don’t chase trades so we did not get in on the move. We did take Euro Dollar long though at 13310, which was helped along by the Yen news. This is typical of Euro Yen moves of late they do seem to drag Euro Dollar higher. Traders tend to see a rally in Euro Yen as a signal to buy Euro Dollar.

Ozzy Dollar was pretty flat on Thursday, but Friday was another pretty strong move down. We may see a retest of the 10225 area on Tuesday or Wednesday, but this depends on what happens tomorrow. The US are on holiday tomorrow so trading volumes are going to be down from the normal Monday volumes, so anything could happen.

Euro Dollar moved down on Thursday and took out the weekly lows, but popped back up on Friday on the back of the bullish Euro Yen move to end the week pretty much where it started.

Cable was moving sideways for most of Thursday and Friday, it moved enough for us to get a couple of nice little trades though.

Here is an update on all the Forex trades we took this week.

Monday was a bit of a funny day, the price action was not brilliant, and we did not get any particularly good set ups, so we took a few scalping trades. I am not going to list them but we took 4 trades for around 40 pips in total.

Tuesday was a much better day. We took AUD long at 10227 up to 10354 for 127 pips. I had been waiting for this trade for a couple of weeks, and i knew it was going to be a decent move up, so i held it overnight to get the full benefit of the move. We also took Cable long at 15575 up to 15640 for 65 pips.

Wednesday we had a nice price action set up on Euro. We took it short at 13506 down to 13468 for 38 pips. We also took the same trade again off 13485 down to 13440 for another 45 pips.

Thursday we took EJ long at 12382 up to 12407 for 25 pips. We also took Cable long at 15490 up to 15549 for 59 pips.

Friday we took Euro dollar long at 13310 up to 13350 for 40 pips. We also took Cable long at 15481 up to 15507 for 26 pips. We also took EJ short at 12519 down to 12475 for 44 pips.

Total trades 13. Total pips 509.

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