USD/JPY Weekly Outlook and Trading Idea

By Roger Baettig | April 29 2012 1:42 PM

Main analysis

Update for: 2012-04-30 - 2012-05-06

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Posted on: Sunday, 29 April 2012 17:54

usdjpy

USDJPY: 80.26

Short-Term Trend: weak uptrend

Outlook:

USD was under pressure last week. That puts in danger the presented wave count, but the line in the sand still remains at 79.50 level. As long as the prices stay abv 79.50, a bullish case can still be made that a rally abv 83.80 will develop. However, if the market slips through 79.50 level, then the Short-Term outlook will be considered neutral to bearish and weakness twd 78.04 will become likely. Overall, this is not a clear situation, but I continue to slightly prefer the upside.

Strategy: Holding long from 81.30 is still favored against 79.50.

Next Update: Sun, 05/06/2012.

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