Still Waiting

The yen is a market set up for a buy signal, yet nothing has happened yet that justifies being long. Having worked on this pattern for awhile, it actually shows as a sell signal for tommorrow as long as the open is not less than 8611.

Since the fundamentals indicate a long, and the pattern is a short, I will stand aside. This is part of not fighting the trend, because it is still down. Aggressive traders could still short this based on this pattern, but this trend is a little long in the tooth so the odds of success are diminished.

I will stay on top of this one, and post any long side opportunities that develop in the bar pattern.