FOREX New York Session Video December 17, 2007

U.S. news during the first hour of today's New York session failed to inspire the major currency pairs. However, today's moves in global equity markets hinted at the possibility of a down day for the Dow, suggesting a possible trade opportunity among the yen crosses. Using the EUR/GBP cross as a guide, we identify the EUR/JPY as our top candidate for a profitable short trade. Although an uptrend support line (identified using the 4-hour chart) seemed to hinder downward progress, the Dow open did provide enough volatility to enable traders to eke out between 15-25 pips of profit.