Main analysis

Update for: 2011-10-17 - 2011-10-23

Posted on: Sunday, 16 October 2011 16:58

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USDJPY: 77.18

 Short-Term Trend:  weak downtrend

Outlook: The wave count remains a mess here but as long as the prices stay below 78.00/10, the main focus on the daily chart should remain on the downside. The daily Stochastics is now moving higher and may reach overbought levels this week. A subsequent decline below 76.10 will be a strong confirmation that the next leg lower is under way and losses twd 74.50 will be expected in this case.
On the upside, a sustained move abv 78.00/10 negates and will argue that a more solid bottom has been found already....

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

Next Update: Sun, 10/23/2011.

 


 

 

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