Update for: 2012-09-24 - 2012-09-30

Posted on: Sunday, 23 September 2012 10:01

usdjpy st 20120923

USDJPY: 78.16

Short-Term Trend: sideways


Last week USD/JPY broke above 79.05 level but nothing happened. The market simply pulled back from there in its previous tight trading range. Still, the wave count presented on the chart above is still valid and it is is correct, the market should resume its advance this week. But to confirm the bullish case here, we need to see a move above 79.65 level. And then the key resistance at 80.61 should also be overcome.
On the downside, a decline back below 77.60 will negate the above bullish idea and will risk further weakness twd 76.50.

Strategy: Holding long from 79.05 is favored. Stop=77.60.

Next Update: Sun, 09/30/2012.

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