USD/JPY Weekly Outlook and Trading Idea

 
on December 03 2012 4:49 AM
USDS/JPY Technical Outlook 2012.12.03
trendrecognition.com

Update for: 2012-12-03 - 2012-12-09Posted on: Sunday, 02 December 2012 11:47 

usdjpy st 20121201

USDJPY: 82.46Short-Term Trend: uptrendOutlook:

USD has continued higher since our previous update and the daily chart looks more and more positive. The key question now is if USD will manage to break abv the 83.80/84.16 level. Such a break will confirm a larger-degree breakout and will strongly re-inforce the bullish case here. Until we see such a break, there is still a lot of uncertainty if this move up is going to fail, similarly to the move up in April this year.On the downside, a decline below 81.00 negates and risks decline back twd 79.60.

Strategy: Holding long from 81.30 is favored. Stop=80.80.

Next Update: Sun, 12/09/2012.

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