Update for: 2011-08-01 - 2011-08-07

Posted on: Saturday, 30 July 2011 17:42

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USDJPY: 76.77

 Short-Term Trend:  downtrend

Outlook: USD has finally accelerated lower and we expect to see new yearly lows here. What's more with the current decline, the weekly chart has become more bearish as well (see our Medium-Term update) and that suggests much larger losses twd 74.50 and eventually to 69.70 will follow. Having said that, the trading from the short side is favored. it seems a foolish game to try to pick the low in such strong downtrend.
On the upside, only a move abv 79.15/20 will negate and will suggest that some kind of a low has already been found....

Strategy: Holding short from 79.69 is favorable. Stop=79.34. Target=74.69.

Next Update: Wed, 08/03/2011, 09:00 - 10:00 CET

 



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