June Yen, Possible Short
Each evening we focus on the most interesting aspects for the upcoming trading day. The comments are based on observations of the nightly updates of the Futures and Market Bias pages. They are provided for educational purposes only and are not intended to be direct trading advice. Also, keep in mind that these remarks are made up to 12 hours in advance of the markets opening. Therefore, overnight events may alter the outcome of these observations.
The June Japanese Yen [JYM9>JYM9], on the Implosion 5 List, is in day two of a shallow pullback (a) off of major lows. Look for a shorting opportunity here as the trend remains down.
Source: Omega Research.
July Coffee [KCN9>KCN9], on the Momentum 5 List, is in day two of a pullback off after major breakout. Look for a buying opportunity here.
Volatilty Watch
The June Swiss Franc [SFM9>SFM9] and the June D-mark [DMM9>DMM9] remain on the Volatility Explosions — Multiple Days List. Continue to watch these contracts for a larger-than-normal move (in either direction) as volatility reverts to its mean.
Best of luck with your trading on Monday!
Dave Landry
PS-Reminder: Protective stops on every trade!