Currency Futures Trading

What an explosive week for currency traders trading in the currency futures market. We saw the British Pound and Euro Currency bounce back from pivotal areas of technical support, while the Canadian Dollar broke through the top of a bull flag technical formation and tested the top of a pivotal area of technical resistance. And what about the Japanese Yen, well can you say TIMBERRRRR! The question for currency traders going into the first full week of the new month is a simple one. Is what currency traders saw last week a prelude to what is coming this week, or was this week’s action more about the market being thinner then normal? Well let’s take two different looks at each market and see what technical analysis is saying about the currency futures market.

Let’s first take a look at the June 2010 British Pound Futures market (see charts below). The daily chart of the British Pound (top one of the two charts below) shows a strongbounce after the BP broke through the bottom of a bear flag technical formation (outlined in green). You will also notice that the British Pound was also able to push back above both the 5 (red – 1.5136) and 25 (blue – 1.5066) day moving averages, which were pivotal areas of short-term technical resistance. The weekly chart of the British Pound (bottom chart of the two charts below) illustrates another bear flag technical formation (outlined in green), which in my technical opinion is still technically intact. Therefore the top this bear flag formation on the weekly chart will be a pivotal area of technical resistance, while the low 25-day moving average and 4-week moving average will be pivotal areas of technical support.

The Canadian Dollar Futures market (see chart below) broke out of a bull flag technical formation (outlined in blue) on the daily chart (top chart of the two charts below, but ran into technical resistance at the last cycle high of .9938. The question for currency traders this week is was this breakout a true breakout, or false breakout like we saw in the British Pound? The weekly chart of the Canadian Dollar (bottom chart of the two charts below) shows us that before breaking out of a bull flag formation on the daily chart the bears were actually pushing the Canadian Dollar below the 4-week moving average (red – .9819), which had been a pivotal area of technical support. The question that I ask is was the bears ability to push the Canadian Dollar below this area of technical support an indication that the bulls might be losing some technical upside momentum?

The Euro Currency Futures market (see charts below) bounced back after breaking through the bottom of a bear flag technical formation (outlined in green) on the daily chart (top chart of the two charts below). You will also notice that the bears defended and countered in the vicinity of the 25-day moving average (blue – 1.3570). The weekly chart of the Euro Currency (bottom chart of the two charts below) shows that the Euro Currency is trading within a larger bear flag formation (outlined in green), which might turn out to be a good gauge of technical direction depending on if the Euro Currency can get above a certain technical area.

The Japanese Yen Futures market (see chart below) sunk like a battleship after being hit by a torpedo. The daily chart (top chart of the two charts below) clearly shows that the bears not only broke through the bottom a bear flag formation (outlined in green), but the bears were also able to drive this market through a pivotal area of technical support (1.0693). And if you look at the weekly chart (bottom chart of the two below) you will notice that the Japanese Yen has finally broken below the 52-week moving average (green – 1.0782), which might turn out to be the biggest technical clue in the Japanese Yen Futures market. If you would like live daily or nightly technical recaps of the currency futures market, simply sign up for my Nightly Technical Recaps, Updates and Outlooks for the Currency Futures Market.

If you would like a private presentation on my strategic futures perspective, simply sign up for a Private Presentation and Discover the Power of Strategic Futures Analysis.

Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing short-term trading strategies will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether trading futures is right for you in light of your financial condition

Technorati Tags: British Pound futures, Canadian Dollar futures, Curency Futures Trading, currency futures, currency traders, day trading futures, Euro Currency futures, Japanese Yen futures

Can you say unbelievable? Well I guess it’s not that unbelievable when you are trading in the currency futures market. For commodity traders day trading currency futures it was another day with real strong moves. The British Pound, Canadian Dollar and Euro Currency all took off like jet fighters from the deck of an aircraft carrier and the funny thing is; it looks like these currency futures markets haven’t come back to land yet. The Japanese Yen on the other hand continues to sell-off making new weekly lows. So where do we go from here?

The daily chart of the June 2010 British Pound Futures contract (see chart below) clearly illustrates a huge move that began on Monday and hasn’t yet slowed. The bulls were able to hold the British Pound above the 25-day moving average (blue – 1.5070) after blowing through this area of technical resistance earlier in the week. The question for currency traders tonight is do the bulls keep up the pressure, or will see some profit taking tonight and tomorrow?

The daily chart of the June 2010 Canadian Dollar Futures contract (see chart below) looks very similar to the Crude Oil Futures contract. Once the bulls were able to break through the top of a bull flag formation, it has been up, up and away. You will notice that the high of today (.9933) was just 5 ticks below the last cycle high (.9938). The question tonight is will currency traders try and break through this area tonight or tomorrow, or will the bears look to counter here?

The daily chart of the June 2010 Euro Currency Futures contract (see chart below) shows that the bulls busted through last week’s high (1.3570) as well as piercing the 25-day moving average (1.3575) today. The question now is will we see the bulls continue to push higher, or will the bears look to counter?

The daily chart of the June 2010 Japanese Yen Futures contract (see chart below) shows that the 5-day moving average was the launching pad for the submarine that’s now well below the last cycle low of 1.0693. The question now is will currency traders look to come up for air before going into the long holiday weekend, or will they continue to explore the technical depths of the commodity markets? To get my detailed strategic daily analysis in the Currency Futures Market, simply sign up for my Nightly Technical Recaps, Updates and Outlooks for the Currency Futures Market.

If you would like a private presentation on my strategic futures perspective, simply sign up for a Private Presentation and Discover the Power of Strategic Futures Analysis.

Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing short-term trading strategies will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether trading futures is right for you in light of your financial condition.

Technorati Tags: British Pound futures, Canadian Dollar futures, Curency Futures Trading, currency futures, currency traders, day trading futures, Euro Currency futures, Japanese Yen futures

The Currency Futures market closes out the month with a bang. Currency Traders day trading futures, specifically currency futures were once again witness to some extreme swings, which is great if you as a currency futures trader are on the right side. But it can be devastating to those futures traders biting off a little more then they can chew. The question now is how does the month of April start?

Will we see the June 2010 British Pound Futures contract (see daily chart below) continue to run in tonight’s trading session, or will the bears look to counter today’s rally? You can see by looking at the daily chart that the next technical area of resistance isn’t until the lone cycle high at 1.5199, while the 25-day moving average (blue – 1.5067) will be a pivotal area of technical support.

The daily chart of the June 2010 Canadian Dollar Futures contract (see chart below) clearly illustrates a break above a bull flag formation (outlined in blue), which may trigger some technical upside momentum. The question for currency traders tonight is can the bulls hold the market above the bull flag formation tonight, or will the bears look to counter today’s rally?

The daily chart of the June 2010 Euro Currency Futures contract (see chart below) shows an explosive move to the upside today. You can see that the Euro Currency bulls defended the 5-day moving average (1.3494 last night), and launched an amazing offensive today. The question now is can the bulls hold onto their momentum, or will the bears counter back and look to recover some lost ground?

The daily chart of the June 2010 Japanese Yen Futures contract (see chart below) shows an explosive move to the downside. You can see that the bears were able to pierce the pivotal technical low of 1.0693, but at this time I consider this a potential double bottom rather then a major move through a pivotal area of technical support. To get my detailed strategic daily analysis in the Currency Futures Market, simply sign up for my Nightly Technical Recaps, Updates and Outlooks for the Currency Futures Market.

If you would like a private presentation on my strategic futures perspective, simply sign up for a Private Presentation and Discover the Power of Strategic Futures Analysis.

Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing short-term trading strategies will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether trading futures is right for you in light of your financial condition.

Technorati Tags: British Pound futures, Canadian Dollar futures, Curency Futures Trading, currency futures, currency traders, day trading futures, Euro Currency futures, Japanese Yen futures

Currency Traders speculating in the currency futures market are again confronted with stop and go reversals, as well some currency markets taking off like rockets from Cape Canaveral. Futures Traders day trading futures today, particularly the British Pound and Canadian Dollar, watched these commodity markets test key areas of technical resistance. The question for currency traders tonight is will the British Pound and or the Canadian Dollar be able to break through and or hold above key areas of technical resistance? And what about the Euro Currency and Japanese Yen Futures market? Were the moves we saw in the Euro and Japanese Yen a prelude of what’s to come? Before we try and answer this question let’s take a closer look at the currency futures market.

The daily chart of the June 2010 British Pound Futures contract (see chart below) clearly illustrates that the bulls were not only able to test the 25-day moving average (blue – 1.5062), but were able to push the British Pound above this area. The question for currency traders tonight is will the bulls be able to make another upward push, or is this an opportunity for sellers to come back into the British Pound?

The daily chart of the June 2010 Canadian Dollar Futures contract (see chart below) shows that the Canadian Dollar is testing the top of a bull flag technical formation (outlined in blue), which might trigger some technical upside momentum if the bulls can break through this area. If the bulls are unable to break through this area then I would watch the area around the 5-day moving average as a pivotal technical area.

The daily chart of the June 2010 Euro Currency Futures contract (see chart below) shows that the bears were able to push this market back down to just above the 5-day moving average (red – 1.3377). This average in my technical opinion will be a pivotal technical support area in tonight’s session and a break below this average and we could see technical momentum once again increase to the downside.

The daily chart of the June 2010 Japanese Yen Futures contract (see chart below) shows that this market whipsawed today, taking out the high (1.0834) and low (1.0781) of yesterday’s trading session. You can still see that the bears are defending the area around the 5-day moving average (red – 1.0796), which I consider a pivotal area of technical resistance. To get my detailed strategic daily analysis in the Currency Futures Market, simply sign up for my Nightly Technical Recaps, Updates and Outlooks for the Currency Futures Market.

If you would like a private presentation on my strategic futures perspective, simply sign up for a Private Presentation and Discover the Power of Strategic Futures Analysis.

Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing short-term trading strategies will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether trading futures is right for you in light of your financial condition.

Technorati Tags: British Pound futures, Canadian Dollar futures, Curency Futures Trading, currency futures, currency traders, day trading futures, Euro Currency futures, Japanese Yen futures

Currency Traders day trading futures were once again not disappointed if they like the big swings and fast moving commodity markets. If you were day trading currency futures last Friday the question I have is a simple one. Were you out of the currency futures market, specifically the Euro Currency Futures market if you were short on Friday? And if you didn’t get out on Friday, how you are you holding up today? Another great reason to remember, if you are day trading futures, particularly currency futures don’t change your strategy mid-stream.

The daily chart of the June 2010 British Pound Futures contract (see chart below) shows that the bulls did defend last Friday’s low (1.4790) and were even able to push the British Pound above the 5-day moving average (red – 1.4902). The question now is was today’s rally more about short coverings, or real technical upside momentum? The 5-day moving average will be the area of technical support to watch, while the 25-day moving average appears to be the next technical upside target.

The daily chart of the Canadian Dollar Futures contract (see chart below) shows that the bulls did defend the area around the 25-day moving average (blue – .9734) and have since countered last week’s sell-off. You will also notice that the bulls not only defended the 25-day moving average, but pushed the Canadian Dollar Futures back above the 5-day moving average (red – .9766), which was a pivotal area of technical resistance last week.

The daily chart of the Euro USD Currency Futures contract (see chart below) clearly illustrates a strong second day move to the upside. And just like the British Pound the question is the same, was today’s rally really about technical momentum, or just an exaggerated move because of the lack of concentrated volume between 1.3412 and 1.3494? Today ‘s high (1.3506) as well as the high of Monday’s concentrated volume area (1.3494) will be an area to watch in my technical opinion.

The daily chart of the June 2010 Japanese Yen Futures contract (see daily chart) shows a market that was rather quite. You will notice that the low (1.0781) of today as well of the high (1.0834) of today were inside the high and low of Friday, which makes this an inside day. You will also notice that the close of today (1.0809) was below the 5-day moving average (red 1.0863), which again makes this average a good gauge of technical strength. If you would like live daily or nightly technical recaps of the currency futures market, simply sign up for my LIVE Nightly Technical Recaps, Updates and Outlooks for the Currency Futures Market.

If you would like a private presentation on my strategic futures perspective, simply sign up for a Private Presentation and Discover the Power of Strategic Futures Analysis.

Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing short-term trading strategies will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether trading futures is right for you in light of your financial condition

Technorati Tags: British Pound futures, Canadian Dollar futures, Curency Futures Trading, currency futures, currency traders, day trading futures, Euro Currency futures, Japanese Yen futures

Currency Traders start the week in the currency futures market with the British Pound, Canadian Dollar and Japanese Yen Futures holding just above key areas of technical support, while the Euro Currency Futures is trading in what I term the technical abyss. So what are the key technical areas to watch this week, or least Sunday and Monday? And remember currency futures trading isn’t for the meek, but for those who want to participate in the most aggressive markets in the world.

The weekly chart of the British Pound Futures (see chart below) shows that the bears pierced the bottom of a bear flag technical formation (outlined in green), but were unable to break through the bottom of this technical formation last week. A break below 1.4778 on the weekly chart and it could trigger more technical selling, but if the bulls are able to defend this area tonight then we might have the makings of a double bottom low.

The weekly chart of the Canadian Dollar Futures (see chart below) shows that the bulls have been holding the Canadian Dollar above the 4-week moving average (red -.9775), which I will consider a pivotal area of technical support. A break below this average and we might see a move against the 13-week moving average (blue – .9620) followed by the 52-week moving average (green – .9217).

The weekly chart of the Euro Currency (see chart below) illustrates that this market broke through a key area of technical support last week (1.3433)  and is trading in what I call the technical abyss. The only support area pass last week’s low (1.3266) is the low of 1.2878, which would be a pretty significant drop. If the bulls can muster enough momentum and get the Euro Currency back above the 4-week moving average (red – 1.3536), then it might be conceivable that the Euro Currency tests the high of the last cycle of 1.3819 over the coming weeks.

The weekly chart of the Japanese Yen Futures (see chart below) shows that the bears were able to break through the bottom of a bear flag formation (outlined in green), but were stopped dead in their tracks at the 52-week moving average (green – 1.0787). A break below this average and the bottom (1.0679) of the bear flag comes into play, while a hold at the 52-week moving average and we might see a swift reversal to the upside. If you would like live daily or nightly technical recaps, update and outlooks of the currency futures market, simply sign up for my Nightly Technical Recaps, Updates and Outlooks for the Currency Futures Market.

If you would like a private presentation on my strategic futures perspective, simply sign up for a Private Presentation and Discover the Power of Strategic Futures Analysis.

Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing short-term trading strategies will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether trading futures is right for you in light of your financial condition

Technorati Tags: British Pound futures, Canadian Dollar futures, Curency Futures Trading, currency futures, currency traders, day trading futures, Euro Currency futures, Japanese Yen futures

Once again the currency futures market was an exciting place to be if you could stomach the short-term volatility and quick stop and go reverses. For currency traders day trading futures, specifically currency futures this week required futures traders not only to have nerves of steal, but great discipline as well. So what did we learn from the currency futures market this week?

The daily chart of the June 2010 British Pound Futures contract (see chart below) shows that the bears ended this week in total control. You will notice that the 5-day moving average (red -1.4937) has been a pivotal area of technical resistance since the British Pound broke through the 5-day moving average last week. The question for currency traders on Sunday night and Monday is will the bears make a move, meaning will they (bears) try and take out the low of the bear flag formation (1.4772)? Or was last week’s low (1.4790), coupled with the bottom of the bear flag formation actually turn out to be a double bottom low?

The daily chart of the June 2010 Canadian Dollar Futures contract (see chart below) shows that the bears were able to seize control and push this market from a weekly high of .9855 to a weekly low of .9705. I had pointed out early in the week that the 25-day moving average (blue – .9712) might be a potential technical support area from which the bulls might try and defend or counter. We can see that the bears pierced the 25-day moving average, but the CD was able to climb back above this average by the close on Friday. In my technical opinion the 25-day moving average is the place to watch if you are looking to the long side, while s significant break below this average and can might see more downside technical momentum.

The daily chart of the June 2010 Euro Currency Futures contract (see chart below) shows an incredible drop that began at the top of a bear- flag technical formation (outlined in green). You will also notice that to this point the 5-day moving average (red – 1.3410) has been a pivotal area of technical resistance and will be the technical area to watch on Sunday night. You will also notice an extreme one-day reversal that occurred on Friday, which at this point I can’t tell if it was just shorts covering or real bull momentum. It’s also possible that it was a little of both.

The daily chart of the June 2010 Japanese Yen Futures contract (see chart below) shows an incredible breakout from a bear flag technical formation (outlined in green). I had been writing that the consolidation we were seeing between the bottom of the bear flag formation and the moving averages was something that reminded me of the quite before the storm. Well, when the storm came is was a major one-day drop. The technical question now is do the bears finish the job by taking out the bottom of the bear flag formation (1.0693), or do the bulls counter from the lows of the week? If you would like live daily or nightly technical recaps of the currency futures market, simply sign up for my Nightly Technical Recaps, Updates and Outlooks for the Currency Futures Market.

If you would like a private presentation on my strategic futures perspective, simply sign up for a Private Presentation and Discover the Power of Strategic Futures Analysis.

Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing short-term trading strategies will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether trading futures is right for you in light of your financial condition

Technorati Tags: British Pound futures, Canadian Dollar futures, Curency Futures Trading, currency futures, currency traders, day trading futures, Euro Currency futures, Japanese Yen futures

Our respite is over and once again the bullets are flying in the currency futures market. What a day to be a currency futures trader, especially if you are day trading currency futures. I always write about how aggressive these markets can be; how fast they move and how quickly they (markets) can change direction. I mean if you stepped away from the screen this morning, it could’ve been just long enough to have turned a 20-tick winner into a 10 to 30-tick loser. So are you sure you still want to play this game?

The daily chart of the June 2010 British Pound Futures contract (see chart below) shows that the bears pushed this market to a new weekly low (1.4790). You will also notice that the British Pound bounced today, but once again ran into stiff technical resistance in the vicinity of the 5-day moving average (red – 1.4925). The question tonight is do the bears continue to push this market lower, or can the bulls muster any technical support to possibly push back?

The daily chart of the June 2010 Canadian Dollar Futures contract (see chart below) shows the market pierced the 5-day moving average (red – .9786) to the upside, but came tumbling down soon after. I would also like to point out that the bulls were able to keep the Canadian Dollar above Wednesday’s low (.9724), which is now just 10-ticks above the 25-day moving average (blue .9714). So the question for currency traders tonight is will the low of Wednesday end up being the low of the week, or will the bears make a play at this low tonight or Friday?

The daily chart of the June 2010 Euro Currency Futures contract (see chart below) shows that the bears continued to push this market down, but know that the bulls did push back earlier in the morning. You will notice that the Euro Currency is trading just below 1.3333, which is 1.5% below last Friday’s close. Now based on over 500 weeks of data, the statistical probability that the Euro Currency closes at or above 1.3333 is a little over 70 percent. Now is that a guarantee that tomorrow’s close will be above 1.3333? Absolutely not, but once again to get an idea of what the market might do may help a currency trader enter, manage and or exit a position.

The daily chart of the Japanese Yen Futures contract (see chart below) shows a market that looks like a vertical slide. The bears once again looked like they (bears) crushed any currency trader trying to buy this market today, and like the Euro Currency  the Japanese Yen is well below a potential pull back target. The question for currency traders now is do the bears make one more downward push, or will they assist the bulls because we might see some profit taking on Friday? If you would like a live daily or nightly technical recap of the currency futures market, simply sign up for a Night Market Technical Recap and Update for the Currency Futures Market.

If you would like a private presentation on my strategic futures perspective, simply sign up for a Private Presentation and Discover the Power of Strategic Futures Analysis.

Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing short-term trading strategies will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether trading futures is right for you in light of your financial condition

Technorati Tags: British Pound futures, Canadian Dollar futures, Curency Futures Trading, currency futures, currency traders, day trading futures, Euro Currency futures, Japanese Yen futures

What a day in the currency futures market. This kind of day in my technical opinion is what separates the good disciplined currency traders from the undisciplined and not so good currency traders. This is one of those days in the futures market that can really hurt a currency futures trader with limited capital. This is the kind of day that can take a 5 to 10 thousand dollar futures account and turn it into 1 thousand dollar account if a futures trader isn’t careful or mindful of the leverage. So, if you were one of those currency traders on the right side of today’s action, then I congratulate you. If you were one of those traders day trading futures that got caught, well there is always tomorrow or even tonight.

The daily chart of the June 2010 British Pound Futures contract (see chart below) shows that today’s close of 1.4883 was just above today’s low (1.4856). The question for currency traders tonight is will we see continued selling in the British Pound, or will the bears take a respite while preparing to make another downward push on Friday? The last cycle low of 1.4864 was pierced, but at this time I will say the vicinity of the low is intact, which may make this area a pivotal technical area to watch tonight and tomorrow.

The daily chart of the June 2010 Canadian Dollar Futures contract (see chart below) shows that the bears have continued the downside pressure that began once they (bears) were able to close the Canadian Dollar Futures below the 5-day moving average (red – .9801). The next area of technical support that I can identify is the 25-day moving average (blue – .9708), which is the only technical buffer between the last cycle lows.

The daily chart of the June 2010 Euro Currency Futures contract (see chart below) shows a market that looks as though it sank to the bottom of the ocean. The Globex close (1.3313) today was 1 tick above the low of the session (1.3312), which in my opinion means the bears had no mercy and are completely in control of this market. Can the bulls mount some kind of counter and if they (bulls) can, where would be the upside target? Or if you want to participate on the short side what kind of trade trigger could you utilize or from where is a good sound technical location to jump in on the short side? 

The daily chart of the June 2010 Japanese Yen Futures contract (see chart below) also was hit by a torpedo and suffered the same fate as the Euro Futures. This chart clearly illustrates a textbook bear flag technical formation (outlined in green) and shows that today’s low 1.0827 was below the low of the last cycle low (1.0860). Unlike the British Pound this break below the last cycle low was a little bigger, therefore I consider the technical structure (higher highs and higher lows) compromised. If you would like a live detailed daily or nightly technical recap of the currency futures market, simply sign up for a Night Market Technical Recap, Update and Outlook for the Currency Futures Market.

If you would like a private presentation on my strategic futures perspective, simply sign up for a Private Presentation and Discover the Power of Strategic Futures Analysis.

Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing short-term trading strategies will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether trading futures is right for you in light of your financial condition

Technorati Tags: British Pound futures, Canadian Dollar futures, Curency Futures Trading, currency futures, currency traders, day trading futures, Euro Currency futures, Japanese Yen futures

The bears declared war today on the Currency Futures Market today. For currency traders day trading futures, specifically currency futures make sure you have a lot of bullets because it’s a battle out here today. Now the question is will we see the bears continue to pounce on any support that the bulls try to establish today, or can the bulls mount some sort of defense?

The daily chart of the June 2010 British Pound Futures contract (see chart below) clearly illustrates that the bears have pierced the bottom of a bear flag formation (outlined in green) and really have technically nothing in their path until the lows between 1.4864 and 1.4776.

The daily chart of the Canadian Dollar Futures contract (see chart below) shows that the bears were able to hold the Canadian Dollar below the 5-day moving average (red _ .9826) and actually utilize that area as a jumping off point to the downside. The next area of technical support I can identify on this chart is the 25-day moving average (blue – .9700).

The daily chart of the June 2010 Euro Currency Futures contract (see chart below) shows a market in free fall. You can see that once the market broke through the bottom of bear flag formation (outlined in green) that the significant technical low of 1.3433 was in close proximity and an easy downside target.

The daily chart of the June 2010 Japanese Yen Futures contract (see chart below) shows that the battle between the bottom of the bear flag formation (outlined in green) and the highest daily average is over. The Winner of this consolidation goes to the bears. Once the 5-day moving average gave way the bottom of the bear flag formation fell easily and now the next downside target might be the next cycle low of 1.0860. If you would like a live daily or nightly technical recap of the currency futures market, simply sign up for a Night Market Technical Recap and Update for the Currency Futures Market.

If you would like a private presentation on my strategic futures perspective, simply sign up for a Private Presentation and Discover the Power of Strategic Futures Analysis.

Opinions expressed are subject to change without notice. I make no promises or guarantees implied or otherwise that utilizing short-term trading strategies will result in profits or limited losses. There is significant risk of financial loss in trading futures; therefore you should carefully consider whether trading futures is right for you in light of your financial condition

Technorati Tags: British Pound futures, Canadian Dollar futures, Curency Futures Trading, currency futures, currency traders, day trading futures, Euro Currency futures, Japanese Yen futures