Sunday, September 20, 2009

Trading Idea


USD/JPY Daily

tracert

The bearish momentum which began around the 100-101 level might be leveling out. Since January the pair has failed to breach the 91 support. By examining the bearish trend line it is evident the strength of the bearish momentum is fading. The stochastic indicators which are currently at lows for a record period is also signaling an upward correction might be gearing up. A good risk reward trade could be by using the 91support to place stop loss under it and ride on a bullish correction until the 95.5 area. The pair might even break the 96 area and move toward the 98-100 area but the area of above 96 could be a bit choppy and more risky. Of course a break of the 91 level would change the foundation of the trade and then it would be advisable to wait for the88-89 for support.

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