by Admin

daily chart

USDJPY: 92.67

Short-Term Trend: uptrend


The market was quite volatile last week. USD initially rose to as high as 94.04, but then pulled back below the important Fibonacci level at 93.12. Still, the prices are firmly above the rising 21-day moving average, so the uptrend from the Sept 2012 low is still considered a strong one. And as long as the prices hold abv 92.00 I expect to see gains twd at least 95.30 and perhaps as high as 98.00.
On the downside, a move below 92.00 will not negate the current uptrend but will be a negative sign. And should the prices decline below 90.20, we will have a sign that the entire uptrend from the Sept 2012 low has likely ended…

Strategy: Holding long from 92.65 is favored. Stop=91.90. Target=98.00