Update for: 2012-11-19 - 2012-11-25

Posted on: Saturday, 17 November 2012 14:41

usdjpy st 20121117

USDJPY: 81.31

Short-Term Trend: uptrend


USD found support just above 79.00 level and rallied strongly last week. So, obviously raising the stop to 79.25 two weeks ago was a mistake. As you know we turned bullish on hourly chart at 79.97 but on the daily chart we do not make updates during the week. And now the markets has gone too much on the upside after the breakout above 80.60 level last week. Still, I am bullish and expect a rise twd 83.80 level. And if we see a break above this level, a larger advance may be seen twd 87.40. So, I prefer the long side as long as the 79.00 level holds as support. A decline below 79.00 will obviously negate this bullish view...

Strategy: Longs favored here against 79.00

Next Update: Sun, 11/25/2012.

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