Forex Forecast Week Three April 2007

[CalvinWalker]

Last week’s Forex Market focus is G7 meeting, the Yen’s falling is a bit slower but the selling will keep going by G7 make no comments on Yen’s weakness, they are focusing on Chinese Yuan.
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We assuming the carry trader will keep goes on this week, BUT WE NEED TO KEEP EYES ON carry-traders’ liquidations. We assume carry-traders will take profit at this week and push YEN to 118.50. After that, the new carry-trade’s positions will start again especially USD/JPY and EUR/JPY.
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Let’s take a look at the following candle stick chart with Gann lines, we can see the USD was supporting by the 1x1 line (Red One), and the 20 days moving average already across the 40 days moving average, is this pointing out we can short Yen at this level?

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Forex Forecast