Main analysis

Update for: 2012-10-29 - 2012-11-04

Posted on: Sunday, 28 October 2012 22:25

usdjpy st 20121028

USDJPY: 79.63

Short-Term Trend: uptrend


In line with our bullish expectations USD broke abv 79.65 level last week. It then came close to the key 80.60 resistance level but couldn't overcome it on first attempt. Still, the daily chart remains in uptrend and the chances are good that this week the market will manage to move abv the 80.60 level. If it can do that, the bulls will be in full control, and gains twd 83.80 will be expected.
On the downside, the key support is just below 79.00/78.80 level. Break there will negate the afore-said bullish view.

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

Next Update: Sun, 11/04/2012.

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