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Main analysis

Update for: 2012-07-02 - 2012-07-08

Posted on: Sunday, 01 July 2012 16:52

usdjpy

USDJPY: 79.78

 Short-Term Trend:  weak uptrend

Outlook:

The market reached the 80.60 resistance (the high last week was 80.61) and pulled back from there. Then it found support abv 79.10 and tried to rally again. Overall, I have to admit that my idea for a long position on break of 80.60 did not work well. But still, we are just below that level and if the market manages to move again abv there, the bullish side may become prefered.
On the downside, firm and sustained break below 79.00/78.80 negates and risks decline twd 77.65...

Strategy: Holding long from 80.61 is favord. Stop=78.61

Next Update: Sun, 07/08/2012.



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