Yesterday - "As focused on in Friday's FX Technical Weekly, focus is on selling a USDJPY rally. Price traded slightly above the 61.8% retracement of the decline from 101.53 before reversing sharply. The 30 yr US bond future registered low just before the confluence of the 61.8% retracement of its advance. It's possible that a low is in place for that future and that a high is in place for the USDJPY. Things are setting up for the next USDJPY short trade...will wait for Monday's action to complete before making a decision on exact entry."
Update - order to short USDJPY at 99.70. Stop is 100.60. Target half at 99.00. Other half will be trailed but the soft target is 95.40.
Follow me on Twitter @JamieSaettele
Email List (Technicals sent in PDF form once a day)
Sentiment in the Forex Market (my book)
- Basic Materials Industry
- Utility Industry