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

WEEKLY Support, Pivot & Resistance Levels for $US_F, $TLT & $TY_F

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Update on Canadian Dollar by @JimIuorio

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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

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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

Canadian Dollar Update by @JimIuorio

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Attached is a daily chart of March Canadian Dollar.

Although we maintain our long bias we would take this opportunity to exit half of position at these levels (101.38).

We are breaking with our initial upside objective because of the gap open and the markets tendency to fill in those gaps.  Also, when the market gives you a gift like this you tend to feel dumb if you don't take some advantage...will come back with a more detailed strategy soon.

 

Happy New Year,

Jim Iuorio

@JimIuorio commenting on Canadian Dollar

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Attached is a daily chart of December Canadian Dollar.

We maintain a positive bias as the "risk on" trade has shown no clear signs of reversing. Later in the day, we will hear from the Fed and expectations are for an increase of asset purchases.  This creates a possibility of disappointment.   We would be inclined to cover half of our long position before the Fed release.  For the other half of our position we would set a stop below 100.95 on a closing basis.

Good luck today..

Thoughts on Candian Dollar by @JimIuorio

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Our Euro Currency trade from yesterday continues to work and we would be inclined to leave it on.

 

We now turn our attention back to the Canadian Dollar as it appears ready to breakout of the consolidation pattern that has dominated over the last several weeks. If  December Canadian dollar trades above 102.35 we would initiate a long position and then add to that long if 102.55 is traded.

 

Our initial objective would be a retest of old highs around 103.50 at which point we would cover up to half of the position. Stop-out level would be a settle below 101.00.