Friday, June 5, 2009

USD/JPY Trade Update for 040609

  • At the moment, you can see that it is more profitable to be trading for the bearish price direction on the USD/JPY.

  • The USD main momentum channel is finished. What is left now is the blue trend line that can have the price stay at least a bit longer within JPY territory. A significant excess of this trend line means that the price is heading on a bearish direction towards Target 2.

  • Anything before that is an opportunity for the USD to continue struggling to exit JPY territory which is shown as the higher red trend line.

  • By having the price exceed 98.218, then the price will be poised to challenge resistance of the higher red trend line.

  • The USD/JPY price is forming a triangle and with triangles a.k.a. consolidation means a lot of zig-zag price play within a small range. Two professional FOREX trading companies are only doing short term trades in both bear and bull directions respectively.

  • Overall in the technical perspective, the current consensus for USD/JPY is a full 3/3 sideways bias.

Disclaimer: Trading in the FOREX market & other forms of investments involves risk. This information should not AT ALL be viewed as investment recommendations. The charts & information provided here are not meant for investment purposes & only serve as technical examples.

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