In this video I discussed the catalyst for the sharp decline in Japan?s currency which defined the 12 ? 16 November FX trading week. The yen extended its losses during the trading week ended 23 November to establish new multi -month lows against multiple major currencies.
Currency traders seeking to ?buy the dips? on the yen crosses were presented with a solid opportunity on hump day. During the Wednesday 21 November Asian trading session, reports emerged that euro zone finance ministers attending a Eurogroup meeting in Brussels were unable to agree a deal involving Greece. The yen, a long-time safe haven currency, recovered against the Australian dollar following the news out of Brussels, dragging the AUD/JPY price down to two prospective sources of support ? a one-hour 55 ema and a trendline defined by the 13th, 15th, and 16th daily lows ? sitting near the 84.55 level.
The AUD/JPY finished the trading week at its highest daily close in eight months. Currency traders who established and held a long position from the 84.60 area might have a new carry trade on their hands.
Curt Wehrley
Twitter: @fxcoachcurt
FX Strategist & Trader Coach
Licenses: Series 3, 34
FX Bootcamp
Source: http://fxbootcamp.com/fx-trade-of-the-week-19-23-november-2012/
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