Pairs have been in strong rejections of their local resistance levels (Which are also at macro resistance levels) against the Yen. Here's an example in GBPJPY rejecting from the 76 fib (See linked ideas for strategy info).
Forex and futures markets have taken a short term risk-off tone during the Asia session which seems to be linked to the apparent shooting of PM Abe in Japan. When this news came out there were sharp risk off breaks in Forex markets and in indices futures markets.
This seems like odd news to start risk off price action in the markets and a weirder still one to start a Yen rally (Unless I am missing various things, which is possible), but none the less the Yen did start to rally after it on small term charts. We're now in what may be the first correction if a bigger breakout is to follow. Which is optimal spots to take positions with tight stops above local/swing highs. Stops can be trailed behind new lower highs. If a trend is on, it should trend.
Forex and futures markets have taken a short term risk-off tone during the Asia session which seems to be linked to the apparent shooting of PM Abe in Japan. When this news came out there were sharp risk off breaks in Forex markets and in indices futures markets.
This seems like odd news to start risk off price action in the markets and a weirder still one to start a Yen rally (Unless I am missing various things, which is possible), but none the less the Yen did start to rally after it on small term charts. We're now in what may be the first correction if a bigger breakout is to follow. Which is optimal spots to take positions with tight stops above local/swing highs. Stops can be trailed behind new lower highs. If a trend is on, it should trend.
Comment:
Exited. Don't think it will work. Will try again higher or lower.
