Update for: 2012-08-20 - 2012-08-26

Posted on: Sunday, 19 August 2012 19:54


USDJPY: 79.55

 Short-Term Trend:  sideways


USD managed to move abv 78.80 level and the hourly chart has turned positive (and as you know we turned bullish on hourly chart last week). The daily chart however is still neutral and it will remain neutral as long as the prices stay below 80.61 key resistance level. A move abv this level will not be a confirmation of the larger-degree bullish idea but at least will shift the immediate focus on the upside on the daily chart as well. What we need, is a move abv 84.20 - such a move will confirm that Long-Term low has arleady been achived!

Strategy: Longs favored on break of 80.63 with 100 pts stop.

Next Update: Sun, 08/26/2012.

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