Update for: 2011-02-21 - 2011-02-27

Posted on: Sunday, 20 February 2011 18:55


USDJPY: 83.16

 Short-Term Trend:  weak downtrend

Outlook: USDJPY rallied to 83.96 but then pulled back on Thursday and Friday. The fact that the prices are still below the key 84.50 level does not allow us to label the daily chart as bullish. What's more the market is now overbought and under the 'weak downtrend' definition that means we can soon have sell signals from the daily oscillators. So, to confirm our bullish idea that the USD has already bottommed out, the market has to mvoe quickly abv the 84.50 level. Let's hold long until our next update, but then we will exit if the prices are still below the 84.50 level...

I have also recorded a video in which I discuss the Short-Term prospects before the U.S. dollar. In the video I take a look at the technical picture in EUR/USD, GBP/USD, USD/JPY, NZD/USD and AUD/USD.

Strategy: Holding long from 82.30 is favorable. Stop=82.30. Target=89.00

Next Update: Wed, 02/23/2011, 09:00 - 10:00 CET

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