Monday, January 21, 2008

Monday Forex Thoughts

Well, I was able to successfully navigate the downward movement of the AUDJPY overnight. It's always a pleasure to wake up to a large degree of pippage! Of course, I sunk a few positions with protective stop losses before retiring for the evening.

This morning, the AUDJPY is bouncing around the 91.36 resistance point. However, a double top has formed on the bounces, so I'm starting to suspect we'll get some further downward movement.

Looking at various time scales I don't see a channel bottom to run into at this point -- so we are likely to drop down to resistance levels if we resume our downward movement.

I'm poised to enter the market if we break downwards.

UPDATE: A few moments later...

UPDATE: Of course, it's never easy, here is enough resistance to make you second guess the action...

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