Update for: 2011-12-26 - 2012-01-01
Posted on: Monday, 26 December 2011 15:41
Short-Term Trend: sideways
USD/JPY traded in a very tight range last week of only 50 pts. This is a strong confirmation that right now this market is dead. Obviously the larger trend is down and if one wants to be involved, they would prefer the short side. However, the fear of BoJ intervention keeps the bears very cautious here and as result this market is barely moving. I suspect this type of range-trading will continue to prevail in the next few weeks, but ultimately it will be resolved with a break down.
Strategy: Shorts favorable here against 79.60. The downside target is near 69.00 eventually.
Next Update: Mon, 01/02/2012.
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