Friday February 26, 2010 - 19:37:45 GMT
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Daily Technical Update USD/JPY Eyeing 87.00
Daily Technical Update
February 26, 2010
USD/JPY Eyeing 87.00
- Daily: The USD/JPY continues to decline towards 87.00. (Refer to Daily Technical Update 2.25.2010 USD/JPY).
Although the decline appears to be stalled at the moment, the
stochastic shows that the momentum is strong, and along with price
action, which broke a rising support, shows that further decline is
- Bearish mode is maintained as SMA50<SMA200
- Continuation with a 100% swing projection points to 87.00 area,
which would also complete a Bullish Gartley and is near 150% extended
retracement of the upswing, and above the 78.6% retracement of a larger
degree upswing. (The use of extreme low suggests 78.6% retracement of
swing should be slightly above the marked 86.70 (ie. 87.00).
- Weekly: Looking at the weekly, we see that the stochastic reflects a new bullish mode, but is in a short-term retracement.
- A bearish signal could develop if the market starts to accelerate
further downwards and creates a â€śmâ€ť pattern, and would therefore
reflect a failed bullish push.
- Otherwise, look for bottoming action near or above the 87.00 area.
Commodity Trading Advisor
Information and opinions contained in this report are for
educational purposes only and do not constitute an investment advice.
While the information contained herein was obtained from sources
believed to be reliable, author does not guarantee its accuracy or
completeness. CMS will not accept liability for any loss of profit or
damage which may arise directly, indirectly or consequently from use of
or reliance on the trading set-ups or any accompanying chart analyses.
Foreign currency trading is not conducted on an exchange. CMS is
acting as a counterparty to its clientsâ€™ transactions and as a result,
CMSâ€™ interests may be in conflict with its clients. Since CMS acts as
the buyer or seller in the transaction one should carefully evaluate
any trade recommendation provided by CMS or any of its solicitors.
Foreign currency trading involves a substantial risk of loss and may
not be suitable for all investors.
All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.
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