USD/JPY….89.17….Uptrend

by Admin

daily chart

USDJPY: 89.17

Short-Term Trend: uptrend

Outlook:

USD has continued its strong move hihger vs JPY. Initially last week we saw a small pullback but it held abv the indicated 86.70 chart support. Then the market broke out again to new highs. Now, the upmove is overextended and quite overbought. So we may see a pullback soon back twd 87.00/86.80 area. But as long as the prices hold abv the rising 21-day moving average, the bulls are in full control and we expect gains twd 92.10.
From a trading perspective, the most logical stop is still at 86.70, but you may decide to raise it further to protect the huge gains that have been obtained for the past several weeks.

Strategy: Holding long from 81.30 is favored. Stop=87.80