[B]My picks:[/B] Stay short USDJPY, move risk to 99, targets at 96 and 94
[B]Expertise:[/B] Technical
[B]Average Time Frame of Trades:[/B]
The 61.8% of 110.71-87.09 at 101 has held as USDJPY resistance. The next level of potential resistance is a resistance line drawn off of the July 2007 and August 2008 highs. That line is at 103.35 this week and decreases about 20 pips per week. The long term trend remains down and I am looking for a resumption of that trend. The downside potential is significant. Bears can move risk to 98.92.