USDJPY: Remain Short as Sellers Regain Momentum
Strategy: Short at 90.14, Targeting 86.28
Weekly Profit / Loss: +252 pips
Total Profit / Loss: +78 pips
We sold USDJPY at 90.14. After coming within a hair of tripping our stop-loss, prices turned sharply lower at the top of a downward-sloping channel established from March 2009, putting in a Three Inside Down bearish reversal candlestick pattern and sinking past the 90.00 figure. Near-term support is seen at 88.54 from here. We will remain short, initially targeting 86.28 with a stop-loss activated on a daily close above 91.89.
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