usdjpy bulls straining on their leash
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8/9/2019 USDJPY Bulls Straining on Their Leash
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SEVEN DAYS AHEAD Professional trading guides and recommendations for the World's markets
Authorised and Regulated by the FSA 124 REGENTS PARK ROADLONDON NW18XL TEL +44 (0) 7849 933573E-MAIL [email protected] WWW.SEVENDAYSAHEAD.COM This information memorandum has been prepared solely for informational purposes for customers of Seven Days Ahead and is based on publicly available information from sourcesbelieved to be reliable. It is not an offer, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. No representation i s made as to the completeness oraccuracy of any statements or forecasts contained herein and no responsibility or liabil ity is accepted for losses arising from transactions undertaken or investments purchased, sold orheld on its recommendation. Consequently, any persons acting on information contained herein do so entirely at their own risk. Although the opinions contained herein wereconsidered valid at the time of release, financial markets are subject to rapid and unexpected movements. Seven Days Ahead, its associated companies, their directors, employees,other customers or connected persons may from time t o time undertake transactions or deal in inves tments mentioned in this in formation memorandum or have a material in terest,relationship or arrangement in relation to them.
In association with
Market Bulletin 25th March 2010
USD/JPY Bulls Straining at Their Leash
Last November saw a bear break that, in the end, amounted to a type of blow-off move, with
subsequent quick recovery putting the bulls in contention once more. However, there were key
resistances to overcome, and one of which has just been violated…
The FX Trader’s view
MONTHLY CHART:
In the CommoditySpecialist Guide we havethis year continued to notean interesting positive RSIdivergence on the Monthlychart, suggesting that long term bears were tiring.
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SEVEN DAYS AHEAD Professional trading guides and recommendations for the World's markets
Authorised and Regulated by the FSA 124 REGENTS PARK ROADLONDON NW18XL TEL +44 (0) 7849 933573E-MAIL [email protected] WWW.SEVENDAYSAHEAD.COM This information memorandum has been prepared solely for informational purposes for customers of Seven Days Ahead and is based on publicly available information from sourcesbelieved to be reliable. It is not an offer, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. No representation i s made as to the completeness oraccuracy of any statements or forecasts contained herein and no responsibility or liabil ity is accepted for losses arising from transactions undertaken or investments purchased, sold orheld on its recommendation. Consequently, any persons acting on information contained herein do so entirely at their own risk. Although the opinions contained herein wereconsidered valid at the time of release, financial markets are subject to rapid and unexpected movements. Seven Days Ahead, its associated companies, their directors, employees,other customers or connected persons may from time t o time undertake transactions or deal in inves tments mentioned in this in formation memorandum or have a material in terest,relationship or arrangement in relation to them.
In association with
WEEKLY CHART:
On the Weekly chart note the clearfalling resistance line, providing acap on action in 2010.
This follows the false break belowold 87.11 support.
This line, running through 91.70currently, was violated yesterday(although a weekly close above thiswould be preferable), and now a
further recovery past the 93.76early Jan high would confirm a newbull trend was underway.
Continued …
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SEVEN DAYS AHEAD Professional trading guides and recommendations for the World's markets
Authorised and Regulated by the FSA 124 REGENTS PARK ROADLONDON NW18XL TEL +44 (0) 7849 933573E-MAIL [email protected] WWW.SEVENDAYSAHEAD.COM This information memorandum has been prepared solely for informational purposes for customers of Seven Days Ahead and is based on publicly available information from sourcesbelieved to be reliable. It is not an offer, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. No representation i s made as to the completeness oraccuracy of any statements or forecasts contained herein and no responsibility or liabil ity is accepted for losses arising from transactions undertaken or investments purchased, sold orheld on its recommendation. Consequently, any persons acting on information contained herein do so entirely at their own risk. Although the opinions contained herein wereconsidered valid at the time of release, financial markets are subject to rapid and unexpected movements. Seven Days Ahead, its associated companies, their directors, employees,other customers or connected persons may from time t o time undertake transactions or deal in inves tments mentioned in this in formation memorandum or have a material in terest,relationship or arrangement in relation to them.
In association with
DAILY CHART:
This year’s slip back found goodsupport from the 61.8%retracement, coinciding with theearly Oct-09 low just under 88.00.
In the FX Specialist Guide wehave said that a recovery/closeabove the 92.14 19-Feb high wouldprovide an initial bull signal (justseen yesterday), the second beingthe continuation above the 93.76
Jan high.
A target area opens up – anequality target just above 97.00(Nov-Jan upleg extended off 88.10Feb low), the 76.4% recovery levelaround 97.50 and higher Fibonacciprojection at 98.75.
At this stage a drop back and closebelow the 90.00/89.75 area wouldnegate the current s/term positivepicture.
Philip Allwright
Mark Sturdy
Seven Days Ahead