Jamie's Pick: 03/14/12
Shorter term USDJPY traders should keep risk (on longs) to last night’s low at 8285. Short term support is 8310/30. The target remains 8550 although the best way to play this has been to keep moving up the stop.
A general tip; in strong uptrends, markets tend to make their lows at opens and highs at closes (at multiple degrees of trends…monthly, weekly, daily).
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Jamie is the author of Sentiment in the Forex Market.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.