Update for: 2011-09-19 - 2011-09-25

Posted on: Saturday, 17 September 2011 14:30


USDJPY: 76.76

 Short-Term Trend:  weak downtrend

Outlook: USD/JPY has traded in a rather tight range for the past coule of weeks and there is really nothing new to add. The daily trend remains on the downside, but considering the lack of downside momentum, I expect to see further sideways trading in the next week or so. During this sideways trading a rise twd 78.10 is likely to be seen. But as long as the prices stay below the declining 100-day moving average (currently at 78.90), the Short-Term outlook remains bearish.
On the upside, firm and sustained trading abv 79.40/50 will negate our bearish view....

Strategy: Shorts favorable at 78.10/20. Stop=79.60/70. Target=74.60.

Next Update: Sun, 09/25/2011.


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