Update for: 2012-10-01 - 2012-10-07
Posted on: Saturday, 29 September 2012 22:02
Short-Term Trend: sideways
In a very boring lack-lustre trading USD/JPY declined below 77.60 level last week and that way stopped our the previous bullish idea that I had. Now the daily chart is sideways. I have dropped the previous wave labels because the confidence in any wave count here is extremely low. So let's focus on the key levels. On the downside, the key support remains at 76.00. On the upside, we have two important levels: 79.65 and 80.60. We need a move at least above 79.65 in order to signal that a new uprend has begun.
Strategy: The hypothetical long from 79.05 was stopped out at 77.60. Stand aside now.
Next Update: Sun, 10/07/2012.
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