USD/JPY - Weekly Outlook and Strategy by Trend Recognition

Posted on: Saturday, 21 August 2010 20:34

USDJPY: 85.61

 Short-Term Trend:  downtrend

Outlook: Nothing has happened here. The price is where it was a week ago and the technical picture is almost identical. It is a bit surprising to see the trend on the daily chart is still defined as (strong) downtrend despite the recent choppy price action. But surprising or not, we have to stay with the flow, and the trend is down as long as the prices stay below the 86.40 level. Our downside target remains at 83.80. On the upside, a move abv 86.40 will indicate a ST top is likely in place and gains twd 87.40 and possibly twd 88.10 will be expected in this case....

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

Next Update: Wed, 08/25/2010, 09:00 - 10:00 CET

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