{"id":59421,"date":"2012-01-30T11:32:52","date_gmt":"2012-01-30T00:32:52","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2012\/01\/30\/rare-opportunities-in-the-yen-crosses\/"},"modified":"2012-01-30T11:32:52","modified_gmt":"2012-01-30T00:32:52","slug":"rare-opportunities-in-the-yen-crosses","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2012\/01\/30\/rare-opportunities-in-the-yen-crosses\/","title":{"rendered":"Rare Opportunities In The Yen Crosses"},"content":{"rendered":"

\n\tBy Jamie Saettele<\/span>, CMT<\/span>, Sr. Technical Strategist FXCM<\/span><\/p>\n

\n\t\"\"<\/p>\n

\n\tI maintain that the EURGBP<\/span> rally is a corrective 4th wave advance and that a new low will be registered (under 8221). Price is nearing resistance from 8407\/20 (100% extension of move from the low and 12\/29 high). There is also corrective channel resistance at about 8450 on Sunday\/Monday. Strength into this area is still within the confines of a bear move. Favor the downside against 8500 (a rally to that level would not fit within the confines of a bear).<\/p>\n

\n\tBottom line: short, stop 8500, target under 8220<\/p>\n

\n\t\"\"<\/p>\n

\n\t\"\"<\/p>\n

\tThe EURAUD<\/span> bounce from the low is in 3 waves which leaves the pair vulnerable to a new low (under 12227) before a larger recovery takes place. The 20 day average is also providing resistance at the current juncture. Perhaps a Euro negative event is around the corner that leads to a run at the lows across the Euro space. This is conjecture of course and stops on shorts should be kept to this week’s high (12470) as a pop above shifts focus to 12510\/70.<\/p>\n

\n\tBottom line: short, stop 12475, target under 12227<\/p>\n

\n\t\"\"<\/p>\n

\n\tI wrote last earlier this week that “price has reached and slightly exceeded 13140 but resistance extends to the early month high at 13230.” The EURCAD<\/span> reached 13236 today and is now unchanged on the month. The next level of resistance is 13275. Expect a reaction lower at that level.<\/p>\n

\n\tBottom line: flat<\/p>\n

\n\t\"\"<\/p>\n

\n\tEarly week euro comments were to “favor the upside against today’s low (10000) towards the confluence of the 11\/25 low, 12\/21 high and 100% extension of the rally from the 1\/16 low at 10240\/50.” The EURJPY<\/span> reached 10220 yesterday before reversing. What’s more, the rally from the low is in 3 waves which leaves price vulnerable against 10220.<\/p>\n

\n\tBottom line: short, stop 10300, target under 9700<\/p>\n

\n\t\"\"<\/p>\n

\t\"\"<\/p>\n

\tThe GBPJPY<\/span> rallied for 6 consecutive days before yesterday’s inside day (at the 2nd BB band) and decline into former resistance from the 1\/23 high. Resistance was strong from the former support line (September-December) and the next support zone is 11960 and 11915. Expect resistance from 12110\/30 before a drop into the low 11900s<\/span>.<\/p>\n

\n\tBottom line: short strength above 12100, stop 12210, target 11915<\/p>\n

\n\t\"\"<\/p>\n

\n\tThe AUDJPY<\/span> reversed right at the trendline<\/span> that has defined the large downtrend since the April top. Daily RSI<\/span> reached 75 yesterday as well. Since the carry trade top in July 2007, RSI<\/span> readings of 75 or more have occurred in June 2007 (end of June), October 2009, April 2009, and April 2011. All were significant tops. A run at the October high cannot be dismissed but the evidence favors selling these levels. The next supports are 8050 and 7975.<\/p>\n

\n\tBottom line: short, stop above 8300, target open<\/p>\n

\n\t\"\"<\/p>\n

\n\tTuesday’s comments were to “favor the upside against 7570 towards the confluence of the mentioned 100% extension, channel resistance, and 200 day average (this zone is 7840\/80).” The CADJPY<\/span> didn’t make it to the mentioned zone and reversed after tagging the December high at 7737. Initial support has been met (1\/19 high). I favor selling strength into 7685-7700.<\/p>\n

\n\tBottom line: short above 7685, stop 7770, target open<\/p>\n

\tThe views expressed are not FNArena's<\/span> (see our disclaimer).<\/p>\n

\n\tFor real time news and analysis, please visit http:\/\/www.dailyfx.com\/real_time_news<\/p>\n

\n\tDailyFX<\/span> provides forex<\/span> news on the economic reports and political events that influence the currency market. Learn currency trading with a free practice account and charts from FXCM<\/span>.<\/p>\n

\n\twww.dailyfx.com<\/p>\n

\n\tDisclaimer<\/strong><\/em><\/p>\n

\n\tForex<\/span> Capital Markets is headquartered at Financial Square 32 Old Slip, 10th Floor, New York, NY 10005 USA.<\/u><\/em><\/p>\n

\n\tTrading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before you decide to trade the foreign exchange products offered by Forex<\/span> Capital Markets, LLC, Forex<\/span> Capital Markets Limited, inclusive of all EU branches, FXCM<\/span> Asia Limited, or FXCM<\/span> Australia Limited, any affiliates of aforementioned firms, or other firms under the FXCM<\/span> group of companies [collectively “FXCM<\/span><\/span><\/span> Group”] you should carefully consider your objectives, financial situation, needs and level of experience. If you decide to trade foreign exchange products offered by FXCM<\/span> Australia Limited you must read and understand the Financial Services Guide and the Product Disclosure Statement. FXCM<\/span> Group may provide general market information and commentary which is not intended to be investment advice and the content of this email must not be construed as personal advice. By trading, you could sustain a total loss of your deposited funds and therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading in foreign exchange products. Foreign exchange products are only suitable for those customers who fully understand the market risk. FXCM<\/span> recommends you seek advice from a separate financial advisor.<\/em><\/p>\n

\n\tFXCM<\/span> Group assumes no liability for errors, inaccuracies or omissions in these materials and does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FXCM<\/span> Group shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials. This email is not a solicitation to buy or sell currency. All information contained in this e-mail is strictly confidential and is only intended for use by the recipient. All e-mail sent to or from this address will be received by the FXCM<\/span> corporate e-mail system and is subject to archival and review by someone other than the recipient.”<\/em><\/p>\n

\n\tTechnical limitations<\/strong><\/p>\n

\n\tIf you are reading this story through a third party distribution channel and you cannot see charts included<\/span>, we apologise<\/span>, but technical limitations are to blame.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Market analysts at FXCM suggest current market conditions are offering forex market participants some rare opportunities in yen cross markets.<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[29],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/59421"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=59421"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/59421\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=59421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=59421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=59421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}