Dark Cloud Cover Hampers USDJPY Outlook

Commercial Content Analysts
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The US dollar is struggling to extend its gains against the Japanese Yen, leading everyone to wonder where it is headed next. According to Traditional Candlestick study, the presence of a Dark Cloud Cover hampers the outlook for the currency pair.


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[B]1/28/08 EUR/USD Daily Chart[/B]
[B]Trading Strategy[/B]
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[B]Arguments for Further Strength[/B]
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2. EUR/USD back above Shoulder Line
3. MACD crossing into positive territory

[B]1/28/08 GBP/USD Daily Chart[/B]
[B]GBP/USD Trading Strategy[/B]
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2. Buy after a daily close above 1.9900 with a stop below 1.9800 stop. Lock in profits on half of the position at 2.00, move stop on rest to breakeven, targeting 2.02.
[B]Arguments for Fading Strength[/B]

  1.   Deliberation on Daily Charts

  2.   Doji on Daily Charts

[B]Arguments for Further Strength[/B]
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[B]GBP/USD Daily Chart[/B]


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[B]1/28/08 USD/JPY Weekly Chart[/B]
[B]USD/JPY Trading Strategy[/B]
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[B]Arguments for Further Weakness[/B]
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2. Shooting Star on Daily Charts
3. Prior Low of 107.22 Already Breached
4. Inverse Hammer on Daily Charts as Well, Bottom Also Broken

[B]Arguments for a Bottom[/B]
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2. MACD Turning Positive on Daily Charts
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[B]USD/JPY Weekly Chart[/B]

[B]1/28/08 AUD/USD Daily Chart[/B]
[B]AUD/USD Trading Strategy[/B]
[B][/B]

  1.   Stay long (now at 0.8880) with a stop at 0.8750.  Sell half of the position at 0.8950, move stop on rest to breakeven, targeting 0.9100

[B]Arguments for Further Gains[/B]

  1.   Three White Soldiers on Daily Chart

  2.   Price Crossed Above 50 and 100-day SMA on daily Charts

  3.   Daily MACD Flips Into Positive Territory

  4.   Hammer on Weekly Charts

[B]AUD/USD Daily Chart[/B]

[B]1/28/08 NZD/USD Weekly Chart[/B]

[B]NZD/USD Trading Strategy[/B]
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[B]Arguments for Further Gains[/B]
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2. Three White Soldiers on Daily Chart
3. Price Crossed Above 50 and 100-day SMA on daily Charts
4. Daily MACD Flips Into Positive Territory

[B]NZD/USD Weekly Chart [/B]


[B]1/28/08 USD/CAD Daily Chart[/B]
[B]USD/CAD Trading Strategy[/B]
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[B]Arguments for a Rebound[/B]
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2. Triple Bottom on Daily Charts

[B]Arguments for Further Weakness[/B]

  1.   MACD in Negative Territory