Two weeks ago I went long the US Dollar against the Japanese Yen, and I believe a lasting USDJPY bottom could be in place.
The USDJPY position remains in force as long as the pair trades above ¥76. Profit targets start at ¥80 on the USDJPY.
Today I went long the US Dollar against the Aussie, (short AUDUSD from $1.0415) as our "Tidal Shift" system showed crowds have bought aggressively into AUDUSD weakness.
My stop on said position is above $1.0520 and I will look to take profits closer to the $1.0170 mark.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
To receive the Speculative Sentiment Index and other reports from this author via e-mail, send a message with subject line “Distribution List” to drodriguez@dailyfx.com;
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX
Facebook at http://www.Facebook.com/DRodriguezFX
Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.
