Monday, April 6, 2009

Japanese Yen Broke out 100 Key Level

Finally, Japanese yen broke out 100. Weak hands were shaken out by the temporary plunge initiated at the NFP, which stopped just 2pips shy to make a 3-box reversal on hourly point and figure charts. Japanese yen managed to crawl back and remain above 100 during the rest of day. On daily PnF, yen just made a double top breakout at 99. Surprisingly, Yen formed a narrow range bar (NR7) on the key 100 level breakout.

British pound made a double top breakout at the former double top resistance level 1.4766 on hourly PnF. On daily PnF, it's a double top breakout at 1.47. The key resistance level is 1.49 (former swing high 1.4978/1.4982). British pound made a new high in 20 trading days (H20).

Euro made a bear trap at the NFP event, then closed right above the pre-event level.


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