USDJPY medium term short overview
January 31st, 2010 - 7:42:05 GMT
Long term trend is still down in consolidation phase. However it has signs of possible correction higher with 52-week low and double bottom being in place. Level to watch to keep this structural view is 89.30. Weekly closing below puts recent lows at 84.80 to risk. Last week level of 89.30 proved its supporting strength so far. Closing week above 93.50 will confirm clear structure change to the upside.
Current major intraday pivot comes at 90.50 with next important level at 91.00.
Conclusion: going long at current levels with guidance from intraday trending tools with stops below 89.30 OR wait for the break of 90.50 with buy stop orders.
