Posts by "dhussey"

Agreed catnip- There are clear signs of the EURO reversing itself here, however, there are also signs that this may have just been a speculative head fake. Today starts a very big turning point for the EURO, especially the EUR/USD, as it is sitting on its channel resistance.

The market will not decide if the package is good enough to warrant an "all clear", however, there are still unanswered questions across other euro-zone nations (from Ireland to Spain...)

I am currently net short euro- with very defined stops above 1.35... I will be looking to reverse this sentiment on a clear break of the resistance channel, as this channel has offered the BEST opportunities to short in the past...

I would also like to point out KEY support that held in the DIXI into Fridays close- the DIXI is weighted heavily in the EURO, so i still believe it offers a good deal of indication. The support comes in at around 81... and my analysis shows either a move to 85 in dixi or to 79 in a correction, I also believe the EURO has a similar sentiment at this time (either its heading to test 1.30 or back up to 1.38)... not very convinced either way ... YET...

Xaron I agree- I think 90 is cheap... I have been looking at some monthly charts comparing SPX and USD/JPY through the last recession, and I believe the two really rallied together once the SPX broke its 50% retracement- anyone else have analysis supporting a USD/JPY long?

*** 88.22 is next area of support after the 88.5 low that Laidi noted... 88.5 may hold, hence my current long position

My USD/JPY thoughts... There is good data supporting both directions, in my opinion... With the weekly trend line holding at about 92, I bias the USD/JPY lower to test the 87 mark. USD/JPY also broke trend line support from 11/27 and 2/4 lows, and if 2/4 low is broken I target 87 (or just below it 86.72). The 61.8% retracement comes in at 88.22, and that is next area to watch for support. I am long 1 unit though at market 88.9... stops 88/88.2. Watching support retracement at 88.22ish.