USD/JPY: 83.41 – Weak Downtrend
February 11th, 2011
USDJPY: 83.41
Short-Term Trend: weak dowtrend
Outlook: If our wave count is correct, the USDJPY pair has already made an important ST and MT low. If that’s the case, a strong rally twd 90.00 will follow in the next couple of months with higher potential thereafter. To confirm this view, a move abv 84.40/50 is needed. Such a move will officially turn the daily trend higher.
On the downside, if our intepretation is correct, a move below 82.30 is unlikely to be seen. Thus, we can raise the stop to our long position to a breakeven now. If a move below 82.30 is seen, then the daily chart will begin to look bearish again…
Strategy: Holding long from 82.30 is favorable. Stop=82.30. Target=89.00
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