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