Comments on Japanese Yen by @JimIurio

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Attached is a daily chart of March Japanese Yen.

The move lower has been staggering, dramatic and probably appropriate.  However, moves like this never go on perpetually and the bear market rallies tend to be quick and vicious.  The 15% decline since Nov 9th has convinced me that it is time to take a low risk shot at the upside.  This is a stark deviation from my normal style and not sure I would expect sane people to follow me in.  If I was taking this shot (and i did) I would look at the JYH3 113 calls for 17 ticks...those calls have until March 8th to perform.  17 ticks (or $212.50) is the exposure for 1 JYH3 contract.

Jim

Thoughts on Currency Futures by @JimIuorio

Tweet Thoughts on Currency Futures by @JimIuorio

We are looking at no specific trades yet today but will monitor a couple of formations closely.

The Canadian Dollar appears to be in a corrective upswing in a broader downtrend. I would consider a negative bias if it trades up to 100.08. 

The Aussie Dollar sits precariously on long term trend support.  Trade of 103.38 will be an indication of further weakness.

We will be watching the Yen, as always, for any indication of a bottom or a reversal pattern.

Jim

Update by @JimIuorio for #Euro #Currency #Futures

Tweet Update by @JimIuorio for #Euro #Currency #Futures

Attached is a daily chart of march Euro Currency Futures (ECH3).

We have met our upside objective and would return to neutral at 135.40. Although the fundamental story in the Euro remains interesting with the better than expected information coming out of the    

3-month LTRO results, the chart has reached trend line resistance so i would exit and seek opportunities elsewhere.

Good trading today,

Jim

Comments on Australian Dollar by @JimIuorio

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Attached is a daily chart of the December Australian dollar.

  

The currency appears to be on the verge of a downside breakout after lower than expected Australian consumer confidence and the World Bank lowering global growth estimates due to expected slow down in China.  If the March Aussie Dollar trades below 104.76 we will adopt a negative bias with an initial downside  objective of 104.23. A settle above yesterday's close of 105.08 would return us to neutral.   

The Canadian Dollar trade that we have had on for some time is nearing key downside level.  A settle below 101.00 in  CDH3 would return us to neutral.

Update on Canadian Dollar by @JimIuorio

Tweet Update on Canadian Dollar by @JimIuorio

Attached is a daily chart of March Canadian Dollar.  We maintain a bullish bias throughout recent consolidation. 

The story about Germany's repatriation of gold should definitely be viewed as a "safe haven" story as banks are becoming less confident in fiat currencies.  Although the initial reaction is negative on all,  

non-dollar currencies, we believe that further analysis will seperate good currencies from bad. 

Canadian Dollar is a good currency by comparison.  We will remain long until market       

settles below 101.00.  We will increase bullish bias on a move above 101.60 with an objective of 102.15.

Good trading,

Jim

Update on the Canadian Dollar by @JimIuorio

Tweet Update on the Canadian Dollar by @JimIuorio

Attached is a 50-day chart of the Canadian Dollar.

This morning's positive employment data in Canada and mildly positive U.S. data has put a bid back into the currency.   We maintain a long bias with an objective of 101.60 and a stop out level below yesterday's low of 100.62.

Have a great Friday,

Jim

Thoughts on #Aussie #Dollar

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Attached is a daily chart of ADZ2.

Yesterdays weak close triggered a sell signal in Aussie Dollar.  Stronger than expected economic data from Australia has made that a painful position at the moment.  We would now set 

our stops at 2 separate levels.  If ADZ2 trades above 103.00 we would stop out of half of position and if ADZ2 trades above 103.40 we would stop out of balance....

A side note is that we like to see a little time above the stop level before we pull the trigger in order to avoid an algo head fake where stop hunting programs attemp to flush weaker hands..                

                                                               

                                                               

                                                     

Some further thoughts on #Euro #Currency

Tweet Some further thoughts on #Euro #Currency

Attached is a daily chart of December Euro Currency.

Last week we advocated a long position. We are still comfortable with that position and will 

continue to have an upward bias until a settle below 129.85.