USD/JPY…78.53….Downtrend
July 24th, 2011
USDJPY: 78.53
Short-Term Trend: downtrend
Outlook: After trading a week or so between 78.50 and 79.50, the market broke below the support level on Thursday. However, there was no follow through selling as the price action remained choppy and sloppy. So, while the main focus remains on the downside, we need to see a convincing move lower below 77.50/77.00 to maintain the larger-degree bearish view for weakness twd 74.50.
On the upsdie, abv 79.70/90 negates, signals some kind of a low is in….
Strategy: Holding short from 79.69 is favorable. Stop=80.40. Target=75.19.
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