Update for: 2013-01-28 - 2013-02-03
Posted on: Sunday, 27 January 2013 11:04
Short-Term Trend: uptrend
There was a small dip earlier in the week, but then USD resumed its strong uptrend vs JPY again and made new highs for this bull market. The daily chart remains in very strong uptrend but the market is also quite overbought. But overbought does not mean sell, so it is stupid if one tries to short this market now (take a look at the chart and you will see that's a suicide). So we can expect higher prices twd 92.00 and 93.12 in the coming week or so.
On the downside, a move below 88.00 will signal that a correction of recent strong gains has finally started.
From a trading perspective, we had been long for quite a long time but then were stopped out at 87.80 a couple of weeks ago. Now, the trend is higher but it doesn't seem reasonable to re-enter this market at the current levels.
Strategy: Stand aside.
Next Update: Sun, 02/03/2013.
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