So here we have it. No trade in CAD-JPY. I was watching this cross break under my buy level of 104.10, but had a lot of misgivings. In earlier post I mentioned CAD looked a little too strong. Well, it still is, just look at EUR-CAD, or GBP-CAD. It was not the best JPY pair to trade, so I let it be.

I got 2 good trades here and my interest her is still not over. Current level is around 104.60-70. Over next day I’ll be looking for a reversal on 15M and 30M charts. There is a good chance for another leg down. Only now the target would be 103.75, at which point farther action will be evaluated.
Tomorrow I will post the second part of “Why trade Forex?” article, and will take a look at some other possible trades.

Mike K.