Update for: 2011-08-22 - 2011-08-28

Posted on: Sunday, 21 August 2011 13:19


USDJPY: 76.53

 Short-Term Trend:  downtrend

Outlook: USD broke below 76.40/30 support but quickly returned above this level. Sometimes from a failed move on one direction, comes a fast move in the opposite direction. I don't know if this will happen now since the downtrend on the daily chart is still strong. But the risk of another sharp rally twd 80.00 level has certainly increased. But overall, there are still more reasons for one to be bearish than neutral here as the most important indicator - the price chart remains in strong downtrend. So, if one has to take a position on this time frame, they should be bearish if he/she wants to be in alighnment with the bigger trend. My next downside target remains near 74.50.

Next Regular Update: Sun, 08/28/2011.


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