In view of previous results and the release of US nonfarm payrolls data, we took a more conservative stance last week, only 2 positions were entered, one in USD/JPY and one in EUR/USD. After seeing the retreat from 81.87, we sold USD/JPY again at 81.35 but strong demand emerged at 80.59 and the pair rallied from there for rest of the week to as high as 82.65 today.

The long position entered in AUD/USD earlier at 1.0650 finally paid off as aussie rallied last week and we took profit on the long at 1.0815, with 165 points profit, although price then broke previous resistance at 1.0845, lack of follow through buying caused the currency pair to retreat quite sharply from 1.0857 late last week.

Although we bought the greenback against Japanese yen at 80.50 initially last week, the slightly deeper-than-expected retreat to 80.01 stopped us out before renewed buying interest emerged again, price then rallied from there, our subsequent short position entered at 81.45 was also stopped at 81.80 as dollar rose to as high as 81.87 on Friday.

After having a very good result of 365 points profit the week before, we had a pretty quiet trading session last week, only one long position was entered in AUD/USD at 1.0650 as aussie dropped to as low as 1.0597, price has then rebounded from there and currently hovering around 1.0760, so the position is still running.

We had underestimated the strength of recent rise in USD/JPY, although price did retreat from 80.41 (we sold at 80.25), renewed buying interest emerged just below the Ichimoku cloud bottom (price did not close below there on hourly basis) and the greenback then rallied to as high as 81.66 today, the position was stopped at 80.60.

The long position entered in EUR/JPY at 99.60 earlier this month finally met our upside target at 101.60 (with 200 points profit) as price staged a rally throughout this month, renewed buying interest emerged again at 101.94 last week and euro surged to as high as 106.01 today.

The long position entered earlier this month in USD/JPY at 76.05 finally paid off as the currency pair rallied in the past 2 weeks, easily met our indicated target at 77.05 with 100 points profit, price eventually surged to as high as 79.89 yesterday.

Two positions were entered last week, one short position in USD/CAD at 1.0050 and one long position in EUR/JPY at 99.60 and both positions are still running at the moment.

We entered a short position in EUR/USD earlier at 1.3205 in anticipation of a correction and 1.3233 did cap euro’s upside, price then retreated in line with our expectations, objective at 1.3100 was met as price dropped to as low as 1.3077 (with 110 points profit), we then sold the pair again at 1.3180 as we took the view that top has been formed at 1.3233, price met renewed selling interest at 1.3213 and slipped again, our profit target at 1.3080 was reached again