Keeping up with the USD/JPY trade from the previous week, the pair rallied to a high of 90.67 during the overnight trade, which remains slightly shy of my target at 90.85, and as a result, I moved up the stop to the 100-Day SMA at 90.14 as price action failed to hold above t he 50-Day SMA at 90.60. As the dollar-yen maintains the downtrend from the 2007 high (124.13), we may see the pair trend lower over the near-term as the recent rally appears to be losing momentum.
Japanese Yen Cross Pick 03.08.10
2010-03-08 12:59:00
David Song,
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