Main analysis

Update for: 2012-03-05 - 2012-03-11

Posted on: Sunday, 04 March 2012 15:55


USDJPY: 81.78

 Short-Term Trend:  uptrend


USD is continuing to move higher and is approaching my 1st upside target at 83.80. Since this level is an important resistance level and the market is already overbought, I would expect to see some kind of a pullback once this level is reached. On the downside, the key support can now be raised to just below the 80.00 level. Break below 80.00 will not turn the daily chart bearish, but will argue for more consolidation with downside bias. So, it makes sense to raise the protective stops to just below that level.

Strategy: Holding long from 79.70 is favored. Stop= 79.70. Target=83.80

Next Update: Sun, 03/11/2012.

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