Japanese Yen Cross Pick 07.08.09

[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 NZD/JPY short recommendation from the previous week, the drop in risk appetite triggered the entry I placed at 61.60, and filled my target at 60.59, the 6/24 low for a gain of 101 pips. As market participants continue to weigh the outlook for global growth, the Japanese yen may continue to strengthen against its major counterparts over the near-term as the low-yielding benefits from safe-haven flows, the kiwi-yen may continue to trend lower over the month to retrace the advance from earlier this year. As a result, I have placed another sell entry at 58.49, the 5/19 high, and placed the target at 55.78, the 38.2% Fib of 44.23-74.59, with the stop at 59.88, the 50-Day SMA, and will move the stops accordingly if the position takes profit.