T2W Bot
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First of all, congratulations to everyone who made money on the recent Japanese Yen rally. One of my students caught some nice chunks of the recent move lower in USD/JPY, earning 70 pips and 85 pips on successive trades. Way to go, M!
The recent strength in the Japanese Yen created some terrific moves, but we should keep things in perspective – the gains made during the recent move lower in NZD/JPY (New Zealand Dollar/Japanese Yen), GBP/JPY (Great Britain Pound/Japanese Yen), and EUR/JPY (Euro/Japanese Yen) and other Yen pairs are nothing compared to the huge profits earned by long-term traders who were short the Japanese Yen when these pairs were rallying. For a case in point, have a look at the daily chart of NZD/JPY (see figure 1).
caption: Figure 1: NZD/JPY falls hard, then bounces off of support at 77.50 Source: Saxo Bank
As we can see in Figure 1, NZD/JPY formed a base of support at 77.50 in November...
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