What a turn of events!!

Afternoon Dynamic Traders,

My sincere apologies for the delay in my update today!!

Zaheer your bang on mate, and I totally agree with you dude!! You guys might remember the 2 weeks when I was following the CHF and a very similar thing happened to me, where I was taken out of trade and price continued to go in my direction. In the end I missed out on 150 pips (roughly), I also decided not to jump back in and chase the trade. Like you Zaheer, if I had done I would have made more pip profit, but not chasing trades is also in my TP. I have been stung in the past for chasing trades, and I found it more stressful. It’s better to keep an eye on the markets and work out and wait for the next trade setups.

Now back to the Yen! After my update yesterday it now looks like price has now decided what it wants to do, which is to go down. You can see from the 4 hour chart below that price was just taking a breather during its descent. Its descent however has stumbled across some support, which seems to be slowing price down.

You can see from the chart above that price is currently staking another breather. This is no doubt fuelled from the support line, but price climbed up to a Fib breather level, and as you can see we have a large red candle forming. Is this going to be enough to beat the support line?? Find out tomorrow’s update.

Happy Trading

Richard Monnery