Market Analysis – 01.09.2014

By January 9, 2014Analysis

Chart of The Day: USD/JPY D1

The Yen has had an interesting progression since it showed us a pin bar almost a week ago. The issue that I have with this type of pin is two fold. First is that it has a bearish body  and second is that body is very small. Price action has been very weak since the pin bar. If a trader picked up a long position using the 50% retrace entry strategy, they would have a small profit as of this writing. Price may yet jet up higher. We’ll keep an eye on this.

usdjpy-d1-01092014

In The News:

Canada Dollar Weakens to Four-Year Low Amid Rate-Cut Speculation (Bloomberg)

Dollar Set for Weekly Gain Versus Major Peers Before U.S. Jobs (Bloomberg)

Econ Events:
03:15am CHF CPI m/m
04:30am GBP Manufacturing Production m/m
08:30am CAD Employment Change
08:30am CAD Unemployment Rate
08:30am USD Non-Farm Employment Change
08:30am USD Unemployment Rate

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