Main analysis

Update for: 2012-04-23 - 2012-04-29

Posted on: Saturday, 21 April 2012 15:18

usdjpy

USDJPY: 81.51

 Short-Term Trend:  weak uptrend

Outlook:

Finally USD made a low for the decline from the March top and staged some kind of a rally. This rally from the 80.31 low is still not enough to confirm that the next leg up has started, but considering the larger-degree bullish idea here, I think that is a rather likely scenario. A move abv 83.80 will confirm the bullish view and will tartet the 87.40 level.

On the downside, the key support remains at 79.50. Only a break below there will negate the aforesaid bullish view.

Strategy: Longs favored here against 79.50.