Trading Gold and Silver – Forex trading short on USD/JPY [Video]
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Finally, we are seeing some serious strength in JPY.
Let’s find out why and how we can trade this.
If you remember our Monday video we saw a speech from the Bank of Japan and, lo and behold, they are hinting at finally raising Interest rates.
If you were paying attention you may already be in a short trade on any of these.
If not, don’t just jump in.
Pay attention to the key levels below like these on USDJPY, CADJPY, EURJPY, and GBPJPY.
I would also wait for a pullback on a shorter time frame and wait for a confirmation of a reversal with your favourite technical indicators.
Considering that JPY is our strongest currency, you may also want to check your profiles to see which currencies are weaker, to trade against the Yen.
For example, USD is generally weaker but watch out for tomorrow’s US Non-Farm Payrolls.
Also, you will note that the Canadian Employment data comes out at exactly the same time as the American.
Watch what happens and we will look at a recap on Monday.
Last Monday we were looking at a short position on USDCHF.
There was some volatility but price action did, in fact, fall to the lower trend line as predicted.
We also looked at Gold and Silver and higher price action based on the weaker USD.
If you want to open a position on either, watch out for tomorrow’s US Non-Farm Payrolls.
And, to go short, some bearish reactions from your favourite technical indicators.
Author
Brad Alexander
FX Large Limited
Brad became fascinated with the Currency Markets from a young age and researched fundamental analysis.
