Monday 9 December

Yesterday I was hoping for a 'return to the norm' meaning a realignment currency movent with the positive risk environment. And thanks to positivity out of China (a pledge to support the economy no matter what) we currently have the 'risk currencies behaving as they normally do in a risk on environment. I'm hopeful this will continue, although it's prudent to be aware that any positive announcements from china this past few months have ultimately ended in disappointment.

It's very nice to see the weakening JPY in particular. Having only just arrived at the charts, I feel like I've missed the initial opportunity. And although it's very tempting to place a risk on catalyst trade. Considering USD JPY in now approaching 4hr resistance and the RBA meeting is later, plus the AUD is approaching 4hr resistance against a few currencies. I'm currently of a mind to stay patient and wait for some 1hr JPY support with upward momentum before feeling confident in a trade.

But if anyone has placed a 'risk on' trade today, I would certainly suggest it was a good trade.

Feel free to email any questions: johnelfedforexblog@gmail.com