Update for: 2012-12-10 - 2012-12-16

Posted on: Sunday, 09 December 2012 18:14

usdjpy st 20121209

USDJPY: 82.47

Short-Term Trend: uptrend


USD/JPY is practially unchanged from a week ago. This market has spent almost two weeks now in small sideways consolidation between 81.70 and 82.80. And the question is which way this consolidation is going to break out. Based on current strong uptrend on the daily chart and wave count presented above, I expect to see an upside breakout. A solid move abv 82.80 will confirm this view and should lead to a test on the key 83.80/84.14 area.
On the downside, a decline below 81.70 will be negative and will suggest weakness twd 80.60 key support level...

Strategy: Holding long from 81.30 is favored. Stop=81.60.

Next Update: Sun, 12/16/2012.

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