Chicagostock Trading

Chicagostock Trading

How We Played the Yen



Following last Friday's squeeze into the sellzone in the Japanese Yen, the market opened lower this week, keeping buyers from that squeeze locked in allowing for the market to run lower and test downside support.  Today the market fell into retesting its monthly lows of .012546 with a low of .012558, giving oppurtunity to take some money off the table on the short side, and allow the market to now work this support.  If this downside is any good, it should be ready to break this monthly low in the coming days and turn lower to retest the .0124 level of where the market broke out late April. Thereafter comes the .011879 low from March, and ultimately the flash crash highs at  .011375. Reversing to take out last week's highs of .012737 gives room to retest the .012881 June 1 high.


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