DS ... this low and reversal was expected - Link ... usdjpy bottomed exactly as expected. That exhaustion move south of the bullish rising wedge was nothing but a gift and free money.
Expect next high of USDJPY and Yen-crosses in between Sept 5th and Sept 8th +/- a few days.
From there down again with a retest of the lows and possibly/likely even lower lows. later in September. Those eventually will be the lows of the year for the yen.
Of course I could be wrong - hence DYOD
Richland QC Mailman 12:02:33 GMT - 08/28/2010
I think it all started when Japanese authorities have begun and intensified in their jawboning efforts to intervene. This has eased the pressure on the downside.
I would say the assumption of a short-term reversal will be: Monday closing above at least 85.50. but a break and a close above 86.50 will convince us that the downside move to 83.58/60 is already history. Traders will be eyeing 88 and 89.20 (38.2 and 50% fibo). We cannot overstretch more than this as it will be too theoretical even to predict that 95 is already in the offing far into the future.
Nevertheless, we are willing to ride this plane.
BERN DS 10:16:20 GMT - 08/28/2010
Just found this interesting article on eventual turn in USDJPY http://www.financialmarketsignals.com/fms-trading-letter.html , wondering if there are any takers on such ? Quite frankly, I am a bit sceptical -- but expect the unexpected and this sharp reversal in EURJPY on Friday , with a rising USDJPY was for me the first sign of a such happening... will be crazy next week... good weekend to all !
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