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Japanese Yen Cross Pick 07.01.09
Wednesday July 1, 12:52 PM
My picks: Pending Short NZD/JPY
Expertise: Fundamentals and Technicals
Average Time Frame of Trades: 2 - 10 Days
Following up with the short NZD/JPY entry recommendation from the previous month, the double-top formation did not play out as expected however, the down spike on 6/23 triggered my short entry and the sharp retracement following the move triggered the stop at 60.84. As the pair continues to hold a broad range, I will take a shot to range trade the pair, and have placed a short entry at 61.60, the 20-Day moving average, with the target at 60.59, the 6/24 low, the the stop at 62.04, the 6/8 high.
Source:David Song, Currency Analyst strategist@dailyfx.com
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