Great share/idea. But what about the weakening of the Yen? This is a tough call but several have thought it would drop below 80 earlier in the week. Instead, it pushed higher. Do you think it could head back up or do you think it is destined to break below 80.3 today? Love to hear your thoughts.
TradingWithTheTrend
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@Just_J, In the long term the YEN you can see its been creating lower highs and lower lows so I think it is proving to be relatively stronger. Pull backs are normal occurrences in the markets and I think this could be the case you are referring to about the weakening of the YEN. I am betting on YEN not breaking the previous high looking only at the point from wave 3... How it will close today, I couldn't be entirely sure, but from a lower time frame this is what I expect
Just_J
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@TradingWithTheTrend, I really appreciate you taking the time to share this with me. I know you didn't have to, so I want to thank you. I've been sitting negative for a few says waiting for it to come back down so it is a relief knowing the wait may finally be over. Thank you again my friend.
TradingWithTheTrend
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@Just_J, I am bullish on gold, fundamentally and technically, and because of the positve correlation JPY, I am also bullish YEN
Just_J
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@TradingWithTheTrend, that is very technically sound. I can see why you're the pro! I have been out of the game for over 10 years. Been a very rough 2 months back with many setbacks, but I am learning and relearning for sure.
TradingWithTheTrend
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@TradingWithTheTrend, I appreciate the comment. You should get back up soon. Trade small
@TradingWithTheTrend, it took us 12 days, but it was golden. Again you did a great job with your analysis! It dropped fast and hard. Looks to be climbing back up now.