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Dear All,

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Sunday, July 6, 2008

USDJPY mixed trend ahead

Over this weekend, I am looking at 3 major currency pair based on this week post market analysis. GBPUSD still have the bearish signal within the 4-hour chart but if I look at the Daily chart for the long term view, it tells me to go bullish. But the bullish power or strength for this pair on the Daily chart seems getting week for the past few months.

On the USDJPY it tells the same story as the Pound but with much stronger tone. Looking at my Daily USDJPY chart, the signal represent for a bearish side. It has been bearish ever since March of this year. But over the past two months the trend has been going up, with the highest so far this year at 108.57 level. Breaking this level again will give us another stronger push northward.

On the medium to intra-day term, by looking at the 4-hour chart for the USDJPY, tell another different story, where the tone tells me to go for bull market trend. As long as the Dollar trades above 106.76 against the Yen, it is BULL all the way except if it goes southerly 102.60

For those who can accept 30 pips loss, I can recommend this entry setup:

Entry : Above 106.50
Stop : 30 pips below entry
Target : 107.20 or 107.60

I will be back for the Euro analysis. Until then happy trading guys ;)

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1 comment:

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