Main analysis

Update for: 2011-08-08 - 2011-08-14

Posted on: Saturday, 06 August 2011 15:39


USDJPY: 78.38

 Short-Term Trend:  weak downtrend

Outlook: USD declined sharply last Monday to 76.30 but then found support and traded sideways. However, on Thursday on apparent currency intervention we saw a sharp move higher to 80.22. As you know, I do not believe in the effectiveness of the central bank interventions. Thus, I think that after some consolidation, the downtrend on the daily chart will resume and new lows below 76.30 will be seen.
Only a move abv 81.50 will negate this bearish view as it will indicate a Short-Term low is already in place...

Strategy: The hypothetical short position from 79.69 was stopped out at 78.69 with 100 pts profit. Stand aside.

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


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