7/6 Forex

The euro moves to bull phase against the yen, and the U.S. dollar to bear phase against its Canadian counterpart.

	pps	pps open	upper pivot	lower pivot
EUR/USD US$1.2576		US$1.2236 jul01	US$1.2510	US$1.1602
USD/JPY¥87.78		¥91.44 jun17	¥91.49	¥85.29
GBP/USD US$1.5185		US$1.4943 jul01	US$1.5266	US$1.4021
EUR/JPY ¥110.40		¥112.16 jul22	¥112.46	¥103.05
USD/CAD C$1.0532		C$1.0295 jun23	US$1.1024	US$1.0291

The EUR/JPY switch comes after 10 trading days in bear phase, which carried the price down 4.3% at its lowest point and produced a 1.9% profit beginning to end. I would note that the pps bull signal, as is often the case with the pps, is ghosting: It appears, it disappears, leaving behind a grin, like the Cheshire Cat in Alice.

The EUR/JPY pair has been in a downtrend since July 2008, and recent bull phases have tended to be short: Six days in mid-June, two days in early June, one day in a late April whipsaw. The signal is there, but a bull play would be aggressively counter-trend.

EUR/JPY Person's Monthly Pivots

• ¥112.46, +1.9% (upper)
• ¥110.40 <== You are here.
• ¥109.88, -0.5% (midline)
• ¥103.05, -6.7% (lower)

The switch to bear phase on the USD/CAD pair aligns with the long-term trend, which has seen the U.S. dollar declining since March 2009 (and longer term still, since January 2002). In the nearer term, the trend has been sideways. The bull phase that preceded today's phase switch lasted nine days and carried the price up 3.7% at the high point today, for a profit across the life of the phase of 3.3%. The most recent bear phase was nine days in mid-June, and before that, six days in late May and six days in mid-May USD/CAD Person's Monthly Pivots

• C$1.1024, +4.7% (upper)
• C$1.0532 <== You are here.
• C$1.0484, -0.5% (midline)
• C$1.0291, -2.3% (lower)

The analysis uses the daily Person's Proprietary Signal, developed by John Person, and the monthly Person's Pivot, which he also developed.

These are black box signals -- the "propropietary" means that Mr. Person knows how they work under the hood, and I don't. But they have shown a fair degree of success in identifying good entry and exit points, and I find them useful.

On the glance, "pps open" means the price at the start of trading in the United States on the day the signal appeared.

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.