Main analysis

Update for: 2013-01-21 - 2013-01-27

Posted on: Sunday, 20 January 2013 08:40

usdjpy st 20130120

USDJPY: 90.08

Short-Term Trend: uptrend


There was a small pullback last week right to 87.80 level (it is a pity but a week ago I decided to raise our hypothetical stop to this level) but than the pair resumed its advance and moved to new highs for the current bull market. There is now some divergencies between the prices and the daily oscillators but for the time being the uptrend remains quite strong as the prices trade firmly above the rising 21-day moving average. So, higher prices twd the next Fibonacci level at 93.12 can be expected.
On the downside,  move below 87.80 will signal that a much needed consolidation (correction) of the recent strong gains is finally under way....

Strategy: The hypothetical long from 81.30 was stopped out at 87.80 with 650 pts profit. Stay out for now.

Next Update: Sun, 01/27/2013.

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