Main analysis

Update for: 2012-06-18 - 2012-06-24

Posted on: Sunday, 17 June 2012 20:19


USDJPY: 78.69

 Short-Term Trend:  sideways


The market struggled with the 79.80 level last week and eventually head lower. The larger-degree pattern is still sideways (potential bullish or bearish Contracting Triangle from early 2011) but the immediate pressure is on the downside as long as the prices stay below 79.80. However, if the downside is limited to, let's say 78.00/77.50, then a small base will be built on the daily chart below 79.80. A subsequent strong move abv 79.80 will be a bullish sign, signalling the decline from the March 2012 top has likely ended...

Strategy: Longs favored on break of 80.60. Stop=200 pts.

Next Update: Sun, 06/24/2012.

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