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Contributors Trade Idea for the June 22nd, 2014– USD/JPY


The month of June has witnessed to as much noise in the markets as the cheers and sighs by spectators for this year’s world cup. Economic events with the conundrums caused by recent geopolitical events as well as rumors on how the world cup could bring some opportunities for FX traders, may just make some traders wonder the truth behind that. Volatility is on the rise some say, but is it really?

To recap as of market’s close last week, the Fed’s policy statement fueled some optimism in investors that caused the S & P to have risen 0.1% while demand for safe haven such as gold rallied 3.3%. The latest news on China reveals that it’s Beige Book hinted China’s economic slowdown mainly contributed by weaker investments. The Australian dollar on the other hand started the week with a bearish tone too.

USD JPY M Pattern 23062014

As of market open today, the USD/JPY seemed to have traded below the 102.00 level threatening lower levels and heading downwards along the C to D leg of a probable ‘M’ pattern as shown in the charts above. At the time of writing, prices was trading at the 101.86 level. Prices is expected to travel downwards to the PRZ level marked by the blue box which could also pose as the potential D area or take profit levels which ranges between the 101.40 to 101.14.

Happy Pipping!

About Kenny Simon

kennysimonKenny Simon is Head of FX Training and the Asian Markets at Vinson Financials ( He is a contributor for the Educational and Technical Analysis section of several reputable websites. Being a fan of the wonders of nature, he  believes that trading in-harmony with the market’s natural ebb and flow could potentially increase one’s success in obtaining Low Risk, High Probability Trades. Besides the technical aspects of his analysis, Kenny emphasizes the importance of understanding and applying Fundamental Analysis, Money & Emotions Management into one’s approach to trading the markets.

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