Traders in any market benefit from having practical market data at their fingertips: how much a market is likely to move in a single trading session, or from one close to the next, or how often the market drops x points from the previous close but still closes higher on the day.
The forex market has been extremely challenging this year, with many major currency pairs stuck in trading ranges. Any tool that can shed light on a market’s typical behavior and provide even a small edge is valuable. Here, we break down the short-term performance of the euro/Japanese yen pair (EUR/JPY) over the past year.
The daily analysis period spanned 261 trading days from Nov. 1, 2005 to Oct. 31, 2006. In addition, intraday analysis was conducted on 60-minute price bars from Sept. 1, 2006 to Oct. 31, 2006 (1,032 bars). It is a daily bar chart of the review period. The market was in a choppy trading range for the first few months, then embarked on an extended uptrend from March 2006 to late-August 2006. In September and October, it was apparent the pair was again consolidating.
Subscribe to:
Post Comments (Atom)
Post a Comment