By Sarah N. Lynch Of DOW JONES NEWSWIRES WASHINGTON – (Dow Jones) – U.S. House lawmakers Wednesday raised concerns a proposal by the Commodity Futures Trading Commission could have negative consequences for the U.S. retail foreign exchange market.

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Greetings.

Taking a quick look at the EUR/JPY, it seems like we may see a retracement from the overall down trend.

Look for a break of the recent high of 124.61 for potential confirmation. Look for a shorter term target of 125.00 and above.

The price to watch on the downside is just below the 123.90 level.

Good luck and be sure to apply your money management.

Signs that the pace of job losses is slowing could ease pressure on the Obama administration as it seeks to regain momentum ahead of Friday’s more comprehensive nonfarm payrolls report, expected to show the economy added jobs last month.

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From FXStreet.com:

On January 13th, 2010 the Commodity Futures Trading Commission (“CFTC”) issued a press release regarding its highly anticipated rule proposal for the regulation of retail forex transactions. The proposal seeks to adopt a new regulatory scheme to implement the CFTC Reauthorization Act of 2008. In particular it strives to address the way the federal agency will deal with off-exchange transactions in foreign currency with the retail public. Currently the CFTC’s proposal is open for public comment for sixty days (60) and was published in the Federal Register on January 7th, 2010. Before anyone can comment though, they’ll have to fully understand what the proposal says.

Read the full story here.

Hello.

Pulling up the NZD/USD – we’ve seen a very nice movement up and it seems we are currently in a retracement. Look for a potential 3 wave corrective followed by another movement up.

A point to watch would be the high from late 2009. If it breaks this point, it would invalidate that we’re currently in a Wave 2 retracement.

Good luck with your trading. Remember to protect your profits and apply your money management.

Pro Pipper Trading would like to wish everyone a very safe and happy new year celebration.

A lot has happened in the last decade and we hope that this next year (and decade) will be a prosperous and successful one for all of you.

Hello.

Pulling up the GBP/USD daily chart, it seems we’ve moved into some sideways action.

From the recent high, we can see a 3 wave movement down and now it seems we may potentially be forming a Contracting Triangle (CT). Once the triangle has completed, look for a continuation of the longer term uptrend.

Good luck and remember time is running out before the price increase with the Currency Cowboy Trade Sheet. Visit www.ProPipper.com for more information.

Greetings.

Pulling up the EUR/JPY, we can see we’re in a long sideways movement that appears to be a Contracting Triangle (CT).

In Elliott Wave, we know that Contracting Traingles are continuation patterns – meaning that once it completes, the pair will move in the longer term direction.

In this case, it appears the overall movement is down. However, keep in mind that we’ll potentially most likely see a move back up to test the upper trend line.

Once the triangle completes, look for a continued movement to the downside.

Some may also say we may be in a head and shoulders formation.

For those of you that are in trades and in profit, be sure to lock in some of your profit, move your stops/limits and be prepared for some volatile moves. Just because you may not be trading, remember the Forex market is a global market so there are many others traders out there that will be trading.Don’t get caught off guard.

Also, time is running out for your DISCOUNTED rate on the Currency Cowboy Trade Sheet. Visit www.ProPipper.com for more information or email tradesheet@propipper.com to sign up today!

We have updated our blog covering the EUR/JPY so be sure to check it out.

Also, in honor of Veteran’s Day, we’re posting this video. This is taken from the fountains in front of the Bellagio Hotel and Casino on the Las Vegas Strip. The video, although very nice, doesn’t do the show justice as being there and watching it yourself. It is truly an amazing experience. Luckily, we’re here in this great city so it’s just around the corner.

Happy trading.

Greetings.

Pulling up the GBP/USD, we’re hovering right around a major price point at 1.6841 – which is the 50% Fibo line off the longer term down trend daily chart.

Look for potentially more bullish movement on this currency pair.

If the pair breaks the 1.6841 and moves away from that level, then look for a potential shorter term target price of 1.6871.

For those countries observing holidays today, we hope everyone has a restful day off as market are closed. Pro Pipper Trading also wants to wish everyone in the U.S. a happy Veteran’s Day.

Lastly, if you haven’t taken a look at the Currency Cowboy Trade Sheet, you’re missing out. Visit our home page at www.ProPipper.com for more information on how the trade sheet can help your trading.