The Weekly Review: The JPY Short

Last week was certainly a good profit week for those who shorted the Yen. Almost every currency cross with JPY had a very good rally in just a few short days. The rally might continue for the next week looking at the pinbar for EUR/JPY. EUR/USD was stuck at its resistance point when it tried to rally, still it will be a difficult trade for EUR/USD as EUR is still weak and USD is getting stronger. Might look to long if it breaks out of resistance. AUD/USD will likely be moving up next week but be cautious.

Big USD/JPY Rally

US Stocks

There was certainly panic selling as many were dumping their Apple stock after continued decline for many days. But on Friday, there was some buying at the low, forming a pinbar. There might be buying up for Apple. Was the decline a correction or a real decline? Anyway technology stocks are on a decline as it showed the end of Golden Era for technology as nothing new is out that can wow the people.

Singapore Stocks

Singapore stocks continued their decline following the US. Noble Group continued its panic selling by big investors as there were big gaps at every open. But as a Chinese saying: "For every crisis there is an opportunity". Value buyers may lap this up at low price.

Noble Group

Genting found support on Thursday and moved up on Friday. Punters may look to buy into it.

Genting SP: Bullish pinbar after a bearish pinbar

Commodities

Covering gold for this blog for fun this week. As many were wondering how much higher will gold be? Let's look at the big picture.

Monthly Chart of Gold

I used the monthly timeframe to look at gold. Certainly gold had a steady rise over the years since 2002! Gold was seriously cheap at that time! But if you look at gold before 2000, the price of gold was steady between $200 and $300. Now it is at the price of about $1700. Will gold rally further? Nobody knows. Looking at the past few months, price of gold was supported after its decline and than rallied up, then declined again. So gold price will probably be stagnant for awhile. When gold price drops below the green support line, thats where big funds are going to sell.