Update for: 2012-01-30 - 2012-02-05

Posted on: Sunday, 29 January 2012 20:25


USDJPY: 76.67

 Short-Term Trend:  sideways


It is clear now that lowering the stop to 77.50 was premature. The USD rallied early last week to 78.30 level and then declined sharply again. So, overall the 76.50-78.30 range that has contained prices for more almost 3 months is still intact. And right now the pressure is on the 76.50 support. I feel this support will give way this week and will open the door for a huge move down twd 68.70! Since we were stopped out, I favor another short position if a breakout occurs.

Strategy: The hypothetical short position from 77.80 was stopped out at 77.50. Shorts are favored again on break of 76.51 with 100 pts stop.

Next Update: Sun, 02/05/2012.

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