Jeff Pierce's  Instablog

By Jeff Pierce

As a follow up to the post the other day about Japanese stocks and their insane push higher, below are some stocks from that region that are truly overbought with many going up over 100% in the past 6 months. These could be ones to look at once they have some sort of correction.

My analysis has this benchmark having a short correction down to the 13,000-13,200 range before making another push higher, or else it just keeps chugging along. There is no way anybody should be shorting anything with Japan in it's name right now. There is far too much momentum to get in front of this train.

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By Mike Ber

The following is a special report from ForexAlerts.ca . They recently launched their service and are offering a 50% discount for a limited time. To learn more about currencies and take advantage of this offer click here.

While all Japanese pairs that we cover remain bullish in the long term, we may expect consolidation in the short term. Everyone who is so desperate to be in JPY trade will be able to buy on a pullback.

This consolidation may be expected any time soon, perhaps even today, or within next two trading sessions, and may be quick or may take few days to unfold.

One of the concerns that we have is the lack of the follow-though. It can be debated what kind of strength the pair should display when it breaks important level, such as 100 was for USD/JPY. If you take a look at USD/JPY's performance in April you will notice that the pair gained 3 days in a row on April 4th, 5th, and 6th - 3.84%, 1.14%, and 1.30%, it also gained 1.34% on April 19th once this figure was finally broken. The whole Wall-Street was obsessed with USD/JPY breaking the magic number of 100, and we gained only 1.96% on May 9th. We have been expecting a stronger upside move.

We cover USD/JPY and EUR/JPY in our daily reports. In this update we include CAD/JPY chart too. We believe that out of the three pairs CAD/JPY has the best trade setup.

USD/JPY - currently trading @ 101.76

Bias: Bullish

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Levels:

Up: 103.989

Range: 100.284 - 103.989

Down: 100.284

Commentary:

USD/JPY is trading within the 100.284 - 103.989 range.

USD/JPY broke out, and finally trading above 100. We are waiting for a good opportunity to enter long. We mentioned few levels where we prefer to buy on a pullback. At this point we want to enter long on a pullback to 100.284 level of support.

Economic events that can influence direction:

CAD/JPY - currently trading @ 100.68

Bias: Bullish

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We are waiting for a pullback to initiate long position around 99.56 area

EUR/JPY - currently trading @ 132.09

Bias: Bullish

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Levels:

Up: No Level for Now

Range: No Range for Now

Down: 130.968, 126.955

Commentary:

We are changing our bias from Bullish-Neutral to Bullish.

EUR/JPY broke out and, we are waiting for a good opportunity to enter long. At this point 130.968 is the only level where we want to buy.

Economic events that can influence direction:

By Jeff Pierce

If you have trouble locating leading stocks then you'll find a lot of value with my premium tradewithZEN trade advisory service. Below are a number of stocks that have been on phenomenal runs and had you been a member you would have known about these stocks below the masses have. You would receive a tweet each night with any new additions to the watchlist so you don't even have to do any of the work.

I also teach a very specific way to enter these stocks and encourage subscribers to identify their own entries as my way isn't the only way. But what is important is fishing from the right pond and that is what I assure you'll find within my service. At the end of this post you'll see a watchlist of stocks I've recently removed from the watchlist with the original entry prices/dates to see how they've performed since then.

Here is a study performance done by a current member that shows how twz stocks perform over various timeframes from the point of addition to the watchist.

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