Update for: 2011-01-24 - 2011-01-30

Posted on: Sunday, 23 January 2011 20:41


USDJPY: 82.55

 Short-Term Trend:  weak downtrend

Outlook: Our wave count says the market in wave E of a Contacting Triangle which itself is the last segment of the corrective decline from the May 2010 top. The daily weak downtrend however remains intact too and thus, we can justify a long positon only if the daily oscillators are oversold. They are not right now. Thus, we can allow for further weakness in the next several days but as long as the prices stay abv 80.94 level, the potential trend reversal remains viable. If the market breaks abv the 84.40/50 level, we will know the trend on the daily chart has already reversed on the upside, so we continue to favor a long position if such a break is seen...

Strategy: Longs favorable on break of 84.54. Stop=150 pts. Target=90.55

Next Update: Wed, 01/26/2011, 09:00 - 10:00 CET


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