Good Day,

Quite a bit of information today. I delayed the release time until after USD PPi data release.

<span style="text-decoration: underline;"><strong>OVERVIEW:</strong></span>

Overnight the GBP was hit hard on employment data and Carney's testimony regarding the BOE Inflation report was not  GBP supportive. My EUR/GBP trade is therefore suffering as a result. I am not certain that I will hold this for the day and its looks like a massive reversal engulfing candle on the daily chart will be formed unless something major transpires during the day. Yet another false breakdown through yearly trend line support.....

Wheeler did not really talk down the NZD yesterday either...so if you are nor short the NZD/USD or for that matter the AUD/USD - 0.8675 (NZD)and 0.9410 (AUD) offer good levels to get short in my opinion. Support for both pairs at 0.8600 (NZD) and 0.9310 (AUD) are strong support areas.

<span style="text-decoration: underline;"><strong>JPY PAIRS:</strong></span>

I have placed three sell limit orders with my brokers just after PPi (USD) as follows.

USD/JPY (Below)
RT77
Short at 101.90
Stop Loss 102.25
Limit 98.00

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/USDJPY-DAILY-14052014.png"><img class="aligncenter size-large wp-image-3674" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/USDJPY-DAILY-14052014-1024x514.png" alt="USDJPY DAILY 14052014" width="1024" height="514" /></a>

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EUR/JPY (Below)
RT78
Short vat 139.75
Stop Loss 140.50
Limit 136.25

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURJPY-DAILY-14052014.png"><img class="aligncenter size-large wp-image-3675" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/EURJPY-DAILY-14052014-1024x514.png" alt="EURJPY DAILY 14052014" width="1024" height="514" /></a>

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CHF/JPY (Below)
RT79
Short at 114.60
Stop Loss 115.50
Limit 113.20

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/CHFJPY-DAILY-14052014.png"><img class="aligncenter size-large wp-image-3676" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/CHFJPY-DAILY-14052014-1024x514.png" alt="CHFJPY DAILY 14052014" width="1024" height="514" /></a>

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<span style="text-decoration: underline;"><strong>SUMMARY OF EXISTING LIVE TRADES:</strong></span>

USD/SEK - LONG

USD/NOK - LONG

EUR/GBP - SHORT

EUR/USD - SHORT

USD/CHF - LONG

NZD /USD - SHORT

AUD/USD - SHORT

NZD/USD - SHORT (Second Trade)

GBP/USD - SHORT

GBP/NZD - LONG

Generally speaking I am comfortable with all these trades except the EUR/GBP.

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<span style="text-decoration: underline;"><strong>TRADES WITH LIMIT ORDERS:</strong></span>

GBP/CHF - LONG

AUD/USD - LONG

USD/JPY - SHORT

EUR/JPY - SHORT

CHF/JPY - SHORT

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I am looking at the USD/CAD to enter long, but there is a great deal going on. I will tweet if I place a limit order.

Good luck today....make it profitable.

&nbsp;

Scott