Main analysis

Update for: 2012-12-17 - 2012-12-23

Posted on: Saturday, 15 December 2012 11:44

usdjpy st 20121215

USDJPY: 83.51

Short-Term Trend: uptrend


The bullish case here is woking just fine. The market reached the 83.80/84.16 key resistance zone last week and pulled back slightly from there. As long as the prices hold abv 83.00/82.80, the immedaite pressure remains on the upside, and we expect to see another attempt on the resistance level this week. A move abv 84.16 should be considered a very bullish event as it will confirm a trend reversal on the weekly chart.
On the downside, as described already, the 1st support is at 82.80, then comes the important 81.65 level.

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

Next Update: Sun, 12/23/2012.

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