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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 1558
Posted: Feb 22, 2010 5:00
Comments: 1558
Forum Topic:
JPY
Discuss JPY
and a lot of thanks to AL! :)
It's time to get lot of pips on jpy again
Usdjpy 110y soon , eurjpy 127y
Gbpjpy 160y
Be cautious to north korea & usd , oil
Switched bias in latest USDJPY Premium as momentum indicators suggest weakness in yen cross to remain for a bit more before pairs take off.
Ashraf
I think traders are currently sick of hearing more jawbone than action from the Abe camp. Furthermore this pair was well overdue some chart pattern correction as the prior correction from 12th Feb high to 25th Feb low was a very brief affair.
Ashraf, your trend support line from 9th Nov low could come in today at c.94.40 if redrawn to kiss the late Feb lows. Price is currently below this revised trend support.
On pattern this current correction from the 12th March high made ABC symmetry at 93.48 on the 25th March. I played the latter part of that move down. We still have the jury out to possibly visit the 127.2% extension at 92.75 almost coinciding with the 55 DMA, or even the 161.8% ext at 91.85 (which would signal a deeper correction still after a minor bounce).
Finally the JPY has been one of the strongest currency again today, well above the usd strength. I am not at all sure that long trades are yet in order.