Weekly Analysis (Nov 16-21)

 


Weekly Analysis (Nov 16-Nov 21):

USDJPY (+160 Pips) Bought 116.49 | Sold 118.10

GBPUSD (+15 Pips) Sold 1.5660 | Bought 1.5645

AUDJPY (+13 Pips) Bought 101.49 | Sold 101.62

CHFJPY (-10 Pips) Bought 123.43 | 123.33

EURUSD (+92 Pips) Sold 1.2560| Bought 1.2489



USDJPY (Bullish)

Purchased this currency on a retracement at 116.50 Support Level as it was bouncing from the 116.65 Resistance level after US trading hours. The USD clearly has been bullish since August while recent monetary adjustments to increase stimulus from the BOJ has weaken the Yen across the board. Economic Data from the BOJ along with its interest rate statement for this month really didn’t affect the overall Bullish Trend for the USDJPY. Stop Limit levels where placed around 118.10 Resistance level to protect profit and minimize any loss.

Further Expectations:

We expect this overall trend for the USDJPY to remain bullish despite any minor retracements as of Friday toward the next 119.60 Resistance Levels.

GBPUSD (Bearish)

Shorted this currency around 1.5660 Resistance Levels after US and UK trading hours 11/18/2014. The GBPUSD remained bearish as we expected until it reached 1.5620 | 1.5600 Support Levels as it rallied off the BOE MPC Vote Hike/Cut/Unchanged Economic Data. The GBPUSD rallied bullishly after finding resistance around 1.5720 Resistance Levels leading it back to the 1.5660 Support/Resistance levels where orders were closed to eliminate any further loss.

Further Expectations:

We expect further consolidation around 1.5720 Resistance | 1.5615 Support Levels before any further push below 1.5580 Support Level.

AUDJPY (Bullish)

Purchased around 101.50 Support Levels from our technical analysis from its previous bullish tendencies and the Yen’s weakness across the board. After consolidating between 102.20 Resistance and 101.50 Support, the trade was closed to protect profit and minimize any loss from our previous analysis. The AUD/JPY rallied as of 11/21/2014 as we expected to 102.60 Resistance touching new highs as of 2014 from 2013 Resistance levels.

Further Expectations:

No further expectations have been assessed. We await next trading hours to let the market tell the story.

CHFJPY (Bullish)

Bad Trade….period. No technical assessment or analysis was done before the trade was placed (Lesson #346)

Further Expectations:

No further expectations have been assessed. We await next trading hours to let the market tell the story.

EURUSD (Bearish)

Shorted this currency as it approached 1.2560 Resistance Levels. The Euro has been weakening against the dollar since May. The Bears rallied after the ECB Draghi’s speech 11/21/2014. The trade was closed at 1.2485 Support Levels as it rallied further passed 1.2460 Support.

Further Expectations:

We expected a minor rally to 1.2460 Resistance /Support Levels before further bearish movement down to 1.2200 Support Levels going into next month.