Update for: 2010-08-09 - 2010-08-15

Posted on: Friday, 06 August 2010 22:35


USDJPY: 85.44

 Short-Term Trend:  downtrend

Outlook: USDJPY has continued to move gradually lower in line with our expectations. However, the speed and size of the move lower is not exactly what we have been looking for. Instead of a sharp decline, we are witnessing a choppy and controlled downmove. So, thouth the market is moving as expected in terms of direction, we may be forced to change the internal structure of wave (G) soon. But from a trading standpoint, we favor the downside as long as the prices stay below 86.45.
On the upside, a move abv 86.45 negates our bearish view, signals a rally twd 88.20 is likely under way....

Strategy: Holding short from 88.00 is favorable. Stop=86.50. Target=84.00

Next Update: Wed, 08/11/2010, 09:00 - 10:00 CET

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