Update for: 2012-12-24 - 2012-12-30
Posted on: Saturday, 22 December 2012 22:12
Short-Term Trend: uptrend
Last Monday USD/JPY finally broke above the 84.16 level. As you know I expected to see a sharp move higher after this breakout. Well, this has not occured yet. But the price pattern is quite constructive as the pair has traded above the key Fibonacci level at 83.80 for the past several days. So, ideally the uptrend from the Sept 2012 low will continue to extend higher in the next few weeks. The next important target is at 87.40.
on the downside, below 82.80 negates and signals the upside breakout last week was a failure.
Strategy: Holding long from 81.30 is favored. Stop=82.40
Next Update: Sun, 12/30/2012.
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