by Johan Kriek (jkriek@fxinstructor.com)
Key notes:
- BoJ keeps rates on hold
- Equities close lower across the board
Probability Studies:
As long as the CHF keeps taking out highs the bullish trading condition will prevail. Expect resistance at 1.2315
No Trade Zone, bearish probability. A significant lower peak will confirm a much more active bearish 60minute trend but that will only occur once the 1 hour stochastic gives me a bearish cross. Keep an eye on Eurozone manufacturing data released later
No Trade Zone, Bearish probability. The 60minute trend is still bearish although the range is quite large. Nevertheless, once the 1 hour stochastic crosses bearish I will have another trading condition on this one
The JPY is still bearish and will remain so for as long as the 60minute trend remains intact. For now we have a no trade zone and as usual, a bearish 1 hour stochastic cross will give me a trading condition again. Keep an eye out for the low at 93.55. If it remains intact we might see a bullish reversal pattern developing but I’ll cross that bridge when we get there
Anyway, I hope you enjoy your trading today and may the pipforce be with you..
Johan Kriek
