finitemonk

Overnight Homework: The Rising Wedge

FX:EURJPY   Euro Fx/Japanese Yen
67 0 0
Classic example & quite well poised to trade, looking to be near completion. Gradual loss of upward momentum eventually turns into an increasing break to the downside.

If Euro             Data (a lot) due out later today, the main GDP 9.00 am UTC disappoints this could be the catalyst to an excellent short trade. If that's not it, i.e fairly neutral we have a little conundrum. (either way more impact on the yen than the dollar)

BTW there is an excellent free market data service here with notification system:

http://www.fxstreet.com/economic-calendar/

Whatever the reason for the implied weakening of the Euro             vs Yen or perhaps more the Yen strengthening vs Euro             , I'm interested as to the market mechanics with the Dollar ... the Dollar maybe manoeuvres to end up producing the drop in the USDJPY             , some inc. me are thinking might happen and thereby ... Hmm. The all important NFP out Friday ... Keeping my eye on this.

Finally: looking at a technical set-up and possibilities I find this sort of thing a very useful process - looking for the market mechanics, i.e what could make it happen? This is how I ended up here with the EURJPY             , not only just brushing up on basics but deeper market insights, SMQs & relationships between currencies e.g if the Euro             weakens against the Yen, the Yen strengthens to the Dollar
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