Euro Yen

Chart courtesy of Advanced Get. Data provided by eSignal.

The Euro Yen cross looks like it has a divergence forming but yesterday it produced a possible reversal. I am not long on this cross just yet but should it break the high resistance then it may become a buy. However, we are near a resistance and if this cross deals below yesterdays low then further downside is possible.

The Cable is still near the highs and to break the resistance it will need some GBP positive news or some USD bad news. We have Retail Sales News due out at 09.30 today.

Have a great weekend.

Canadian Dollar

Chart courtesy of Metastock. Data provided by Quote Center.

Sorry for the later than usual update today.

We have another sell signal on the hourly USDCAD pair and since the original signal we have moved down nearly 300 pips.

I am short on this pair already and am awaiting a break above the resistance on the Cable or a signal to go short. We had a Doji on yesterdays Cable and have made a move down since then. I am awaiting a confluence of events before pulling the trigger on this one.

Congratulations to Carole for moving over from shares to currency and making a 76 pip move overnight.

Thanks Carole, Mark and Kenny for our gift.

Good luck to you all today.

Cable

Chart courtesy of Advanced Get. Data provided by ESignal.

The USD has been decling against the GBP and since yesterday we have been hanging around the resistance of 1991. The indicators are showing overbought signs but remember that price is the most important indicator and 2.00 at some point may well become a support so we should not be suprised if this pair continues upwards. I have orders to open should this happen. A break above the high resistance of 1991 might be a good buy point.

Please do your own analysis.

Good luck.

EURJPY

Chart courtesy of Advanced Get. Data provided by eSignal.

The Euro Yen may have reached an area of resistance from 1998. Although I am not short just yet, I will watch this cross to see if the momentum changes to the downside with MACD strategy in Metastock.

The Cable is also at an area of resistance 2.01 and this should be watched for a break above which could possibly see a much higher movement if followed through with a lot of buyers bars or fail and drop quite heavily. The candles on different time frames could hold the key here.

Revert to Metastock for mechanical entry points.

My internet connection decided not to work yesterday and was not up again until the evening so I could not update this site.

Good luck today.

ps. Those of you that use Metastock should be aware a new Vista compatiable version is now available so if you have wanted to use Metastock on Windows Vista then log in to your Equis account and download the new version.