Japanese Yen Cross Pick 07.01.09

[B]My picks:[/B] Pending Short NZD/JPY
[B]Expertise:[/B] Fundamentals and Technicals
[B]Average Time Frame of Trades:[/B] 2 - 10 Days

Following up with the short NZD/JPY entry recommendation from the previous month, the double-top formation did not play out as expected however, the down spike on 6/23 triggered my short entry and the sharp retracement following the move triggered the stop at 60.84. As the pair continues to hold a broad range, I will take a shot to range trade the pair, and have placed a short entry at 61.60, the 20-Day moving average, with the target at 60.59, the 6/24 low, the the stop at 62.04, the 6/8 high.