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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
i think this is the time that we should look for 101-103 usdjpy .
what do u see..i have catched long position from 88.89 last week..(50k)
thanks alot
A DOW JONES NEWSWIRES COLUMN
NEW YORK (Dow Jones)--The Dollar Index has risen fast this week and its upward trajectory has been nearly vertical. In fact, although it's not evident that the uptrend is exhausted, an interim top is about to form, I believe. See chart at
http://www.dowjoneswebservices.com/chart/view/3934
It's notable that Friday's trading so far is confined in Thursday's 83.924-85.268 range. That's an obvious signal of fading upside momentum, and the virtue of heeding such homely details is the fact that you don't need a whiz-bang mathematically overcomplicated technical oscillator to tell you the obvious: The bull is about to take a break.
That conclusion is reinforced by the fact that an interim top may be lurking in the 85.584-85.659 resistance band. And I remember the first technical lesson that stuck in my brain, lo, these many years ago: Slowing momentum and looming resistance is a recipe for a selloff.
The final point of the chart is the fact that the Dollar Index would have to make a precipitous drop in order to kill the bull outright. Uptrend channel support, as I've alluded to this week, is a good way below the current market. Friday's support is 81.685, and that wide a drop would be a profit breaker even if it didn't hurt the uptrend.
For now stop trades at 82.820, or at 81.163.
Look For Relative Euro Rally
The prospect of a Dollar Index correction, of course, suggests a corresponding correction of the euro's ongoing downtrend against the dollar. The euro's downtrend low, recorded Thursday, is $1.2521. A minimum correction would, I believe take the euro back to the $1.2710-$1.2742 resistance band. That move would probably only delay an eventual test of target support at $1.2342.
(Stephen Cox, a chartered market technician, is chief technician for Dow Jones Newswires. He can be reached at 212-416-2212 or by email at stephen.cox@dowjones.com.)
(Data by CQG)
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(END) Dow Jones Newswires
May 07, 2010 11:32 ET (15:32 GMT)
that was funny mate! Can't believe you actually wrote that... *lol*
Asad
actually I got in before the numbers, so I liked usd/jpy as well. For some reason I could not "imagine" disappointing job # from US. Usually when expectations are one sided I got in the market 10-15min before, and then get out right before release, but today I decided to "ride the bull". Bull was good to me:)
b.
Ashraf
excellent trading session on US job report. Personally I liked CAD/JPY call, a LOT.
b.
Guys, have a look at ACCENTURE plc, dropped from 40$ to 1 cent in 10 seconds, then rebound up again to around 40$!!!!
http://www.google.com/finance?q=NYSE:ACN