advertisement

US Dollar / Yen Breaks Lows, Offers Sell Entry

Thursday, 04 December 2008 23:16:03 GMT

Written by Ilya Spivak, Currency Analyst

The Japanese Yen continued to rise today against the US Dollar, breaking and closing below key support at the low from late October. This was the last near-term hurdle to bearish momentum after the pair surpassed the supporting trend line at the bottom of a triangle formation over the past 6 weeks. We will now enter short, looking for the pair to test all time lows last seen in 1995.


USD/JPY Strategy

1. Short USDJPY at market between 92.00 - 92.60

2. Set stop loss at 96.45.

3. Set profit target at 84.25.

12-04-08 JPY

For the complete analysis of the major forex currency pairs, please see the Candlestick Weekly report.

< Prev    Next > [ Back ]