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On an overall basis the JPY is weak and many of these pairs like the AUD/JPY, CAD/JPY and USD/JPY need to consolidate before planning new buys since they moved up most of the day. Pairs like the CAD/JPY have excellent upside potential and a strong uptrend. But these two pairs look okay to trade.
GBP/JPY – D1 uptrend in place, set buy alarm at 123.35, room to move up to 125.55
NZD/JPY – strong uptrend, set buy alarm at 65.55, potential up to 68.00
When the price alarms hit verify any buy or sell entries with The Forex Heatmap ™ and look for EUR strength or cross currency weakness or both.
Good Trading
Mark Mc Donnell
www.forexearlywarning.com
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