[B]My picks:[/B] short USDJPY, against 99.80, target at 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. However, the long term trend remains down and I am looking for a resumption of that trend. The downside potential is significant. Risk for bears is at 99.78 and short term targets are at 96 and 94. The long term target is an all-time low (below 80).