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USDJPY Downside Bias
Posted 09-30-2009 at 05:29 PM by riffster
Hello all,
Most of my trading friends are looking for the next down cycle for the USDJPY. As the USDJPY continues to make healthy consolidations, it prevents the possibility of an over-extention to the downside. The fundamentals will most likely force a bottom on this pair. Until then, we should be able to take some nice rides on the downward cycles.
Trade Idea: A pullback to the 89.90 level is a good place to short this pair based on the downward trend line. Stops above the swing high @ 90.55ish, with possible long term targets extending as low as 87.20.
Most of my trading friends are looking for the next down cycle for the USDJPY. As the USDJPY continues to make healthy consolidations, it prevents the possibility of an over-extention to the downside. The fundamentals will most likely force a bottom on this pair. Until then, we should be able to take some nice rides on the downward cycles.
Trade Idea: A pullback to the 89.90 level is a good place to short this pair based on the downward trend line. Stops above the swing high @ 90.55ish, with possible long term targets extending as low as 87.20.
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