Tuesday, April 28, 2009

Japanese Yen - FXY


The Japanese Yen index has crossed the resistance (green line) to the upside 2 days ago.
A bullish divergence appears between the price and the MACD lines: a sign that a trend reversal may have occurred.

I will buy the yen via the Rydex CurrencyShares Japanese Yen Trust ETF (ticker: FXY).
See the weekly and daily charts below.

Weekly chart:


Daily chart:


I plan to buy at a price of 103.20$ and add shares if and when price reaches n°2 on the chart (stop loss @ 100.00$).

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