Tuesday, February 17, 2009
My Trading Update: USDYEN Has Broken Above The 92.05 Level !
With the U.S. markets closed for the 'President's Day' yesterday, the currency market was nothing but boring ! Trading was limited to a narrow range of only 50 pips between the high and low.
Early in today's Asian session, traders were already anticipating the re-opening of the U.S. markets and are picking up from where they left off last Friday with a slight bias for the U.S. currency.
USDYEN has already broken our 92.05 reference point in early Asian trading and is now poised to break the 92.30 which is the next resistance point. Although our initial profit objective (set at 92.05) has been reached, we will still hold on to our position for an anticipated assault on 92.30. A clear break above this level will again warrant us to continue to hold on to our current position established at 90.11 on February 11, 2009.
USDYEN needs to close above 93.55 this month to retain it's bullish dollar outlook on the monthly candlestick chart and to confirm the Bullish Bottom Ladder Pattern. If the 92.30 level is breached (which I believe is likely to happen towards the opening European session today), then it is likely to test the 93.55 month end objective.
We currently have a floating profit of $2400 from our open position and we shall adjust our stop higher to 91.11 to protect our profits in case the market retraces below 91 again.