The new flag from Person's Proprietary Signal on the EUR/JPY currency pair was buttressed by a sharp price increase that has traversed 2.8% low to high so far today.
The bear phase carried EUR/JPY from ¥125.72, the opening on April 27, to ¥111.19, the opening today. The decline covered 11.6%.
Today's move has carried the price above the pps moving averages. The cautious trader will wait for a retest of the moving averages before opening a position. A retest would involve a price decline down to below ¥112 without piercing ¥111.65.
The monthly upper Person's Pivot is at ¥122.23; the lower at ¥98.88.
OK. The credit bubble burst. Housing, burst. Shockwaves reverberated. Markets collapsed. What lies ahead as we remerge from the wreckage.
Disclaimer
Tim Bovee, Private Trader tracks the trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.
No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decision decisions for his or her own account, and take responsibility for the consequences.
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