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US Dollar / Yen Breaks Lows, Offers Sell Entry
Thursday, 04 December 2008 23:16:03 GMT
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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.
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