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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 1558
Posted: Feb 22, 2010 5:00
Comments: 1558
Forum Topic:
JPY
Discuss JPY
USD/JPY : 76.65
Last Update At 31 Aug 2011 00:23 GMT
Although price is expected to move narrowly
inside early relatively broad range of 76.50-77.07
in Tokyo session, as long as near term good sup at
76.47/50 holds, consolidation with mild upside bias
remains for another bounce twd 77.02/07 later.
Buy again for this move n only firm breach of
said sup wud risk subsequent weakness twd 76.25.
Range Forecast
76.61 / 76.85
Resistance/Support
R: 76.89 / 77.07 / 77.27
S: 76.47 / 76.25 / 75.95
USD/JPY : 76.85
Last Update At 22 Aug 2011 23:06 GMT
Despite dlr's narrow move in Europe n NY after
y'day's spike to 77.22, as long as nr term good sup
area at 76.57-67 holds, consolidation with upside
bias remains, abv 77.22/30 needed to extend Fri's
rise fm a record low of 75.95 to 77.55/60.
Raise long entry for 77.05 n only below said sup
area may risk stronger retrace. to 76.30/40.
Range Forecast
76.70 / 77.00
Resistance/Support
R: 77.21 / 77.30 / 77.60
S: 76.57 / 76.25 / 75.95
"..weekend reports by a key Japanese newspaper that revealed authorities would intervene in the currency market this week to stem the tide of Japanese yen strength.."
looks like downside tested and rejected..
so take 2 now.. aggressive long on break of 75.54 with 76.24 hard stop.. no trailer due to expected volatility.. looking for 80 or higher if intervention happens:-)
"..euro-yen slipped back later to Y109.40 despite some
persistent buying from major Japanese names, thought to be covering
shorts ahead of possible intervention. The same was visible in aussie-
yen which ranged Y79.05-66 after opening at Y79.57, the lows seen after
selling from macro accounts. There has been plenty of talk of gold-yen
buying from retail investors in Tokyo seen as a safe-haven play ahead
of possible intervention from the BOJ.."
be cautious with your stoploss the spread could be very dangerous if there is an intervention.