Update for: 2011-10-10 - 2011-10-16

Posted on: Sunday, 09 October 2011 17:20


USDJPY: 76.71

 Short-Term Trend:  weak downtrend

Outlook: Nothing has changed here. The wave structure is a mess here, so there is no need to put labels on the chart just for the sake of it. The trend on the daily chart remains donw (weak downtrend) and thus I still favore weakness twd 74.50 later this year. A decline below 76.10 will be a good sign that the downtrend has likely resumed. Until that happens, allow for more sideways trading abv that level and below 78.00. Only a firm move abv 78.30 (100-day moving average) will negate the current bearish view.

Strategy: Shorts can be favored on break of 76.10 against 77.30.

Next Update: Sun, 10/16/2011.


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