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Weakness Continues For Japanese Pairs

By Mike Ber of ForexAlerts.ca
Date: Monday, January 6, 2014 8:17 PM EST

Forex Alert's positions in Japanese pairs follows:

We''ve currently enjoyed our 8th straight month of profitable trades since inception in April 2013 and provide trade alerts for multiple currency pairs.

USDJPY

  • Upside: 105.37
  • Range: 102 - 105.37
  • Downside: 101

Positions:

December 9, 2013 – Short @ 103.26 (1/3 position)

Commentary:

From our previous report: “We continue to hold our USD/JPY short. At some point we may add to our position, but this is not a good time. We believe that as the general markets will correct at the beginning of the year, the Japanese pairs will correct too.”

We continue to hold our small short position. We didn’t have a good opportunity to add to it. All the Japanese pairs act the way we expected this year so far. We are still underwater with our USD/JPY short. There is a strong possibility of this pair to correct down to 102.12 (+/- 15 pips) level, and this is our target for now.

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EURJPY

  • Upside: 169.96
  • Range: 128.988 - 145.67
  • Downside: 128.988

Positions

January 6, 2014 – EUR/JPY – Short 142.62 (1/3 position)

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GBPCAD

Positions:

January 6, 2014 – GBPCAD Short @ 1.7513 (1/3 position)

Our Twits:

January 6, 2014 – “Opening 1/3 short position on GBPCAD. now trading at 1.7513″

Commentary:

We established a small short position @ 1.7513. We believe that this pair is ultimately heading to 1.7110, but as many of you know we are not opposed to take some profits and re-open short position again when the pair is bounces. We will keep you updated via Twitter.

gc

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