USD/JPY Weekly Outlook and Trading Idea

 
on October 21 2012 4:56 PM

Main analysisUpdate for: 2012-10-22 - 2012-10-28Posted on: Sunday, 21 October 2012 19:43

usdjpy st 20121021

USDJPY: 79.31Short-Term Trend: uptrendOutlook:

Last week I said that if we would to see a break above 79.20, that would be the 1st bullish signal here. Well, we saw such a break last week. There was little through buying which means I might have overestimated the importance of this level. But on the other hand, the market has held above this level since it broke above it. So, there is a good chance that the trend on the daily chart has already reversed on the upside. To confirm this view, we need a move abv 79.65 and then abv 80.60.On the downside, below 78.60 will negate as it will indicate a false breakout has occured...

Strategy: Holding long from 79.25 is favored. Stop=78.60.

Next Update: Sun, 10/28/2012.

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