Main analysis

Update for: 2012-02-20 - 2012-02-26

Posted on: Sunday, 19 February 2012 20:34


USDJPY: 79.53

 Short-Term Trend:  uptrend


A surprising rise abv 78.30 occured last week and with this rise, the wave count has become a mess on the daily chart. The current strong rise is either wave C of a Flat pattern from the Oct 2011 low, or is the beginning of a new trend higher. We don't know what is going on for sure, but as long as the prices stay abv 78.00, the odds favor the long side. And gains twd 81.50 are expected in the coming week. On the downside, firm break below 78.00 negates, and risks losses back twd 76.00...

Strategy: Longs favored here against 77.80. Target=83.80

Next Update: Sun, 02/26/2012.

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