Last week March 2013 Yen opened at 1.07760 and closed the week at 1.07770. One of the first weeks in months the Yen was up on the week. Looking at Monday’s price action, the move up could be short lived.
While we saw ADX come down a bit last week, it is still over 40 reflecting a strong trending market-down. MACD is flat and Stochastics are in oversold territory. On the weekly chart, you can see ADX at 89 reflecting extreme strength to trend and weekly Stochastics are in deep overbought territory.
Proceed to Page 2 for the latest COT Data...
In the COT, I still see a bearish posture even though we saw a drop in net longs by Asset Managers now 23,877 contracts net long. Leveraged Funds had a slight drop to net shorts now -82,070 and Dealers added to net longs now at 86,903 contracts.
Today we are hearing that a G-7 statement will be released to calm fears of a currency war, isn’t this a bit late? See the charts below to see how to really catch a falling star.
If you need help understanding how to understand how to use the NEW COT report to your benefit get instant access to my new e-book "What Lies Beneath ALL Trends". It is filled with eye opening information.Commercial Net Tracker instructions: This form tracks the Commitment of Traders (COT) data for the commodity futures market. This form "looks" at the most recent five weeks of COT data and provides visual indications of the data. A) If the current value is at a 12-month low, the cell will display a red/burgundy background. B) If the current value is at a 12-month high, the cell will display a green background. C) If the current value went from net negative to net positive, the cell will display a blue background (indicating a bullish condition). D) If the current value is both a 12-month high and also went from a net negative to a net positive, the background will be green. You should view the data with green backgrounds to determine if they also went from net negative to net positive.
Proceed to Page 3 for this week's detailed fundementals...
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