Main analysis

Update for: 2011-02-28 - 2011-03-06

Posted on: Sunday, 27 February 2011 21:10

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USDJPY: 81.66

 Short-Term Trend:  weak downtrend

Outlook: Unexpectedly the market pulled back hard last week and we were stopped out with a small profit on our hypothetical long position. Now, the daily chart remains neutral to negative. A very bearish signal will be a decline below 81.00/80.90 level, but until such a move is seen, the bulls still have their chances too.
On the upside, it is clear now the 83.80 level was not that important as we thought it would be. The key resistance is now considered at 84.50 level. Only a move abv there will indicate a larger rally twd 90.00 is possibly under way....

Strategy: The hypothetical long position from 82.30 was closed at 82.66 with 36 pts profit. Stand aside.

Next Update: Wed, 03/02/2011, 09:00 - 10:00 CET