It seems immediately following some post election euphoria with Obama’s victory the focus of the market is immediately back on Europe. Traders are seeing some strength in the USD, JPY, and risk is off.
With the Obama re-election and Ben Bernanke keeping his Job as head of the Federal Reserve continue t0 expect long term weaker dollar and much higher precious medals. Remember, the Fiscal Cliff will soon be taken center stage which will weigh on the us dollar.
YEN being brought up.
The YEN which is become oversold is in good condition for new swing positions to be put on as the market gets ready to weigh in on the European Crisis and US Fiscal Cliff.
A few JPY pairs had bearish engulfing patterns on the daily time frame today signaling a chance for nice entries. Later today in our scan for new trade setups video we will take a look at each.