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Jeff Pierce
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I’m a swing trader of momentum stocks with a holding period of anywhere from a few hours to a few months. I run a number of screens to locate the strongest/weakest stocks out there, using technical analysis to determine my entries and exits. Trying to calculate the intrinsic value of stocks in... More
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  • Update On The Japanese Pairs 0 comments
    May 16, 2013 4:25 AM

    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

    (click to enlarge)

    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:

     

     

    Mon May 13

    13:00

    EuroZone Finance Ministers Meet in Brussels

    EUR

    Mon May 13

    14:00

    USD Business Inventories

    USD

    Tue May 14

    6:00

    JPY Machine Tool Orders (YoY)

    JPY

    Tue May 14

    6:00

    Fed Plosser Speaks on Monetary Policy

    USD

    Tue May 14

    15:00

    NY Fed Quarterly Household Debt Report

    USD

    Tue May 14

    23:50

    JPY Tertiary Industry Index (MoM)

    JPY

    Wed May 15

    5:00

    JPY Consumer Confidence

    JPY

    Wed May 15

    12:30

    USD Producer Price Index (YoY)

    USD

    Wed May 15

    12:30

    USD Producer Price Index Ex Food & Energy

    USD

    Wed May 15

    13:00

    USD Net Long-term TIC Flows

    USD

    Wed May 15

    13:15

    USD Industrial Production

    USD

    Wed May 15

    13:15

    USD Manufacturing (SIC) Production

    USD

    Wed May 15

    23:50

    JPY Gross Domestic Product (QoQ)

    JPY

    Wed May 15

    23:50

    JPY Gross Domestic Product Annualized

    JPY

    Wed May 15

    23:50

    Nominal Gross Domestic Product (QoQ)

    JPY

    Thu May 16

    4:30

    JPY Industrial Production (YoY)

    JPY

    Thu May 16

    7:45

    USD Fed's Plosser Speaks on Monetary Policy

    USD

    Thu May 16

    11:45

    USD Fed's Rosengren Speaks in Milan

    USD

    Thu May 16

    12:30

    USD Initial Jobless Claims

    USD

    Thu May 16

    12:30

    USD Consumer Price Index Core Index s.a.

    USD

    Thu May 16

    12:30

    USD Consumer Price Index n.s.a.

    USD

    Thu May 16

    12:30

    USD Continuing Claims

    USD

    Thu May 16

    12:30

    USD Housing Starts

    USD

    Thu May 16

    12:30

    USD Building Permits (MoM)

    USD

    Thu May 16

    12:30

    USD Consumer Price Index (MoM)

    USD

    Thu May 16

    12:30

    USD Consumer Price Index Ex Food & Energy

    USD

    Thu May 16

    12:30

    USD Consumer Price Index (YoY)

    USD

    Thu May 16

    12:30

    Consumer Price Index Ex Food & Energy

    USD

    Thu May 16

    12:30

    USD Housing Starts (MoM)

    USD

    Thu May 16

    14:00

    USD Philadelphia Fed.

    USD

    Thu May 16

    23:50

    JPY Machine Orders (YoY)

    JPY

    Fri May 17

    13:55

    USD U. of Michigan Confidence

    USD

    Fri May 17

    14:00

    USD Leading Indicators

    USD

    CAD/JPY - currently trading @ 100.68

    Bias: Bullish

    (click to enlarge)

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

    EUR/JPY - currently trading @ 132.09

    Bias: Bullish

    (click to enlarge)

    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:

     

     

    Mon May 13

    13:00

    EuroZone Finance Ministers Meet in Brussels

    EUR

    Mon May 13

    14:00

    USD Business Inventories

    USD

    Tue May 14

    6:00

    EUR German Consumer Price Index (MoM)

    EUR

    Tue May 14

    6:00

    EUR German Consumer Price Index (YoY)

    EUR

    Tue May 14

    6:00

    German Consumer Price Index-EU Harmon.

    EUR

    Tue May 14

    6:00

    JPY Machine Tool Orders (YoY)

    JPY

    Tue May 14

    6:00

    Fed Plosser Speaks on Monetary Policy

    USD

    Tue May 14

    8:30

    EUR Italian General Government Debt

    EUR

    Tue May 14

    9:00

    German ZEW Survey (Economic Sentiment)

    EUR

    Tue May 14

    9:00

    EUR Euro-Zone Industrial Production w.d.a.

    EUR

    Tue May 14

    9:00

    Euro-Zone ZEW Survey (Economic Sentiment)

    EUR

    Tue May 14

    9:00

    EUR German ZEW Survey (Current Situation)

    EUR

    Tue May 14

    15:00

    NY Fed Quarterly Household Debt Report

    USD

    Tue May 14

    23:50

    JPY Tertiary Industry Index (MoM)

    JPY

    Wed May 15

    5:00

    JPY Consumer Confidence

    JPY

    Wed May 15

    5:30

    EUR French Gross Domestic Product (YoY)

    EUR

    Wed May 15

    6:00

    German Gross Domestic Product s.a. (QoQ)

    EUR

    Wed May 15

    6:00

    German Gross Domestic Product w.d.a. (YoY)

    EUR

    Wed May 15

    6:00

    German Gross Domestic Product n.s.a. (YoY)

    EUR

    Wed May 15

    8:00

    Italian Gross Domestic Product s.a. and w.d.a.

    EUR

    Wed May 15

    9:00

    Euro-Zone Gross Domestic Product s.a. (QoQ)

    EUR

    Wed May 15

    9:00

    Euro-Zone Gross Domestic Product s.a. (YoY)

    EUR

    Wed May 15

    12:30

    USD Producer Price Index (YoY)

    USD

    Wed May 15

    12:30

    USD Producer Price Index Ex Food & Energy

    USD

    Wed May 15

    13:00

    USD Net Long-term TIC Flows

    USD

    Wed May 15

    13:15

    USD Industrial Production

    USD

    Wed May 15

    13:15

    USD Manufacturing (SIC) Production

    USD

    Wed May 15

    23:50

    JPY Gross Domestic Product (QoQ)

    JPY

    Wed May 15

    23:50

    JPY Gross Domestic Product Annualized

    JPY

    Wed May 15

    23:50

    Nominal Gross Domestic Product (QoQ)

    JPY

    Thu May 16

    4:30

    JPY Industrial Production (YoY)

    JPY

    Thu May 16

    7:45

    USD Fed's Plosser Speaks on Monetary Policy

    USD

    Thu May 16

    9:00

    Euro-Zone Consumer Price Index (MoM)

    EUR

    Thu May 16

    9:00

    Euro-Zone Consumer Price Index (YoY)

    EUR

    Thu May 16

    9:00

    EUR Euro-Zone Consumer Price Index

    EUR

    Thu May 16

    11:45

    USD Fed's Rosengren Speaks in Milan

    USD

    Thu May 16

    12:30

    USD Initial Jobless Claims

    USD

    Thu May 16

    12:30

    USD Consumer Price Index Core Index s.a.

    USD

    Thu May 16

    12:30

    USD Consumer Price Index n.s.a.

    USD

    Thu May 16

    12:30

    USD Continuing Claims

    USD

    Thu May 16

    12:30

    USD Housing Starts

    USD

    Thu May 16

    12:30

    USD Building Permits (MoM)

    USD

    Thu May 16

    12:30

    USD Consumer Price Index (MoM)

    USD

    Thu May 16

    12:30

    USD Consumer Price Index Ex Food & Energy

    USD

    Thu May 16

    12:30

    USD Consumer Price Index (YoY)

    USD

    Thu May 16

    12:30

    Consumer Price Index Ex Food & Energy

    USD

    Thu May 16

    12:30

    USD Housing Starts (MoM)

    USD

    Thu May 16

    14:00

    USD Philadelphia Fed.

    USD

    Thu May 16

    23:50

    JPY Machine Orders (YoY)

    JPY

    Fri May 17

    13:55

    USD U. of Michigan Confidence

    USD

    Fri May 17

    14:00

    USD Leading Indicators

    USD

    Themes: CAD/JPY, Forex, USDJPY
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