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Jamie's Pick: 05/02/12

Jamie's Pick: 05/02/12

Jamie Saettele, CMT, Sr. Technical Strategist

I’m trading USDJPY (long against 7960), CADJPY (long against 8050) and USDCAD (short against 9980) right now. The 5 wave advance from yesterday’s lows in the USDJPY and CADJPY (and every Yen cross other than EURJPY) reinforces a bullish bias against yesterday’s lows (use stops). As for USDCAD, 9925 is resistance and 9980 is the pivot.

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