Longer Term

We negated the GBPCHF trade as it broke the supports and is now header lower.

The bank of Japan seem to be happy with a stronger Yen and the chart shows that 115 has contained declines in the past. For now the next pause is the 108 region.

And more potential here...

We continue to monitor the British Pound VS US$ as ww believe higher levels are highly likely.

Another cross that we are now monitoring is the GBPCHF. We have identified a long term significant low that may or may not propel price higher so we are looking for today's lows at 22870 to hold and present us with a low risk entry point.

Support Zones

The USDCHF attempted to go lower but has now pushed back into the original support zone so we are looking for higher levels if it can move above 11300.

Cable has now collapsed back to a major support and Fib zone so further lows are not expected immediately, indeed we are on the lookout for a useful bounce back.

Target area reached - which one next

The USDJPY pair gave us the profit we were looking for by moving nicely into our traget area.

If the US$ strengthens further we favour the Swissy that has scope to move strongly back to retrace the dramatic moves of last week.

Alternatively, a move back below 11210 would negate the move and we would be looking for further lows.

And now is the Jappy getting ready?

Cable performed right on cue and hit our target for a very acceptable profit today.

We are now looking closely at the Japanese Yen. In recent days it has strengthened dramatically against a week US$, but we hear rumblings of discountent from Japan citing poor competitiveness, etc., as the currency strengthens.

A correction, if it gathers momentum, could well move up through a useful 100+ pips

Bounce back

The inevitable rally has now started with enough potential to run Cable back to the 20750+ region.

That was decisive...

The USDJPY pair decisively broke the 112 supports and hit the next major round number target at 110. The live room had commentary running throughout so members were able to see and understand exactly what was unfolding.

Today is Veterans Day in the US so volumes will be lighter as the day progresses but we are seeing one of the fisrt major corrections in the US$ bear run. The Euro is breaking lower supports and we are currently positioned short with a low risk trade on.

The bigger picture today shows us that Gold is retreating back from the region of the 27 year highs and Oil that was widely expected to power through $100 is taking a breather. Maybe, just maybe a sea change?

Yen due a bounce?

USDJPY was decisively resolved to the downside whilst Cable moved to new highs.

Right now 112 is the new floor as the inset daily chart show. A hammer on the hourly just might lead the bounce.

All eyes on the UK rate statement due at midday that will maybe set a continuation or retracement for Cable

Which way now

The USDJPY has run back up to the critical level of114.80. We ahve attcahed the chart showing and ascending triangle with price just under an important Fib where resistance is centred.

The next move could be either way. We are currently positioned long from 114.27, an upmove could have another go at surpassing 116 whilst a downside break would target 114 initially.

Non Farm Payrolls today

NFP day always produces uncertainty and today is no exception. Typically there are some early morning moves to be taken but then, on the run up to the figures at 12.30pm today ranges often develop.

As NFP can be one of the biggest market moving announcement in the month, many traders stay away and just observe, but we sometimes find an afternoon trend will assert itself once the figures have been digested by the market.

So that's what we are doing today, waiting to see what develops. As markets become extended and also uncertain if these levels can be sustained, volatility can increase. With the $US plumbing new lows any unexpectedly strong employment figures could trigger sharp contertrend moves.

The Swiss France has been a one way bet but note the Euro, that usually moves in an almost 80% reverse correlation has yet to make new highs.

Pragmatic close

USDYEN got to target sooner than expected, 115.91 sent price back rapidly to supports at 115.10. We took profits at 115.68 as the pair retreated through the last consolidation area.

This swing trade with intra-day add ons has given excellent profits and now we wait to see if a re-test of the highs might develop.

Follow a good run on this pair it is now wise to wait for another low risk setup to develop. When that comes only the market will show us. It could be today or in a week or two..

Yen Still on target

We have banked profits along the way by closing part as price extends and buying back in on the pullbacks.

This swing trade now looks good for the target area at around or just above 116.00 where several technicals converge, with Fib retracements, extensions and pattern prediction.