TMV Swing Trade report – The Japanese yen completed the 5-wave corrective pullback when it reached the upward sloping parallel line two days after the May 20, 2011 reversal date. After testing support, the yen rebounded with two sharply higher price bars and closed above the20-day EMA, before testing the parallel line at 122.29,  for a second time on Tuesday, May 31, 2011. Currently, the yen is trading higher and appears ready to resume the upward trend. A trade above Tuesday’s high of 123.91 will confirm the parallel line as strong support and set up a new swing trading opportunity with a price advance into the June 6, 2010 reversal date. . Check with you account representative at Traders Network for updates on the new swing trading signal.

June Japanese yen - click to enlarge

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