Main analysis

Update for: 2011-12-12 - 2011-12-18

Posted on: Sunday, 11 December 2011 11:48


USDJPY: 77.56

 Short-Term Trend:  sideways


USD/JPY has traded sideways for the past week exactly as expected. So far, the trading range is very tight, I will expect it to widen a bit as I believe the market is tracing out a contracting triangle as shown on the chart above. That means that even if last week's extremes (77.15 and 78.10 - yes, the weekly range is less than 100 pts!!) are violated, the outlook will remain consolidative. And as long as this consolidation lasts, I see no ST opportunities here.

Strategy: Stand aside.

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Next Update: Sun, 12/18/2011.

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