A few days ago the Japanese Yen tested resistance and is now rolling back down.
I'm still bearish on the Yen and I think it will remain the weakest currency when compared to the B-Pound, Euro and the Swiss.
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4 comments:
Kevin
Great blogs. In regards to the COT numbers, how much importance do you place on the commercial numbers when deriving an opinion?
In regards to the Yen, commercial longs exceed shorts by 3.4x. Does this carry any weight?
I'm relatively new to analyzing these figures and there implications and would appreciate your thoughts.
JB
Hi JB....
The COT numbers I consider to be important but you have to know how to interpret the data.
I like to combine the COT numbers with my other trading methods. I guess what I am saying is that I use the Commercials to help confirm my other indicators..
As far as the Yen is concerned, I know the commercials are holding more longs than shorts but my other indicators are bearish so I will not buy the Yen.
When all my trading tools point in the same direction, then I will make a trade.
In your chart it shows the resistance at around 82. Would you advice getting long YEN above 82? Thanks.
No because I'd rather be long the Swiss, Pound or Euro...The Yen is the weakest of the 4 major currencies and I never like to be long the weakest currency.
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