Hey guys,

Do you remember the other day when I wrote about the Japanese Yen safehaven trade that everyone wanted to be in?

You can click that link to have a look if you don’t, but the gist of the story is that price had dropped hard out of higher time frame resistance and was looking like the play was gone.

But this is markets and it’s never gone. You’ll pretty much always get given a second chance if you are patient.

Here’s an extract featuring the higher time frame level in question:

The following chart shows one such higher time frame example:

USD/JPY Daily

Again, just like yesterday, momentum is strong enough to see us conservative traders not really being given an opportunity to enter.

Frustrating, but that’s markets!