[B]CLOSE ABOVE TREND-LINE RESULTS SHIFTS OUTLOOK; LOOKING TO BUY[/B]
[B]Usd/Jpy:[/B] What a difference a day makes. We had established a short trade on Friday with the market so heavily overbought intraday and testing some shorter-term trend-line resistance off of the 101.45 2009 highs. However, gains continued to extend into the afternoon, resulting in a parabolic rally that had closed above the trend-line. This was not the outcome we were looking for and as a result, exited the trade this morning on the pullback into the low 98.00’s for a small loss. We view the close above the trend-line on Friday as significant, with the move likely signaling additional upside over the coming weeks, back towards next key longer-term falling trend-line resistance just over 100.00. As such, we will now look for an opportunity to reverse and get long on a dip below 98.00 on Monday. We will use the 50-Day SMA as a point of entry. [B]Strategy: BUY @97.60 FOR A 100.00 OBJECTIVE, STOP @96.40. [/B][I][B]Recommendation to be removed if not triggered by NY close (5pm ET) on Monday. [/B][/I]
[B]Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
If you wish to receive Joel’s reports in a more timely fashion, e-mail [/B][B][email protected][/B] [B]and you will be added to the [/B][B]“distribution” [/B][B]list.[/B]
Joel Kruger publishes 6 daily pieces:
[I][B]“Tech Talk”[/B] – A Daily Video Highlighting Technical Developments in the Overnight Session of Trade. [/I]
Monday-Friday (between 5:30am-6:30am EST)
[I][B]“Morning Slices”[/B] – Morning Overview using Fundamental, Technical, Flow, and Quantitative Analysis (Includes “Trade of the Day”).[/I]
Monday-Friday (between 6:30am-7:30am EST)
[I][B]“Indicator of the Day”[/B] – [/I][I]A Feature Report that Highlights our Most Significant Technical Indicator of the Day. [/I]
Monday-Friday (between 8:00am-9:00am EST)
[I][B]“Cross Country” [/B]– A Midday Fundamental Update, along with Technical Analysis of Selected Cross Rates. [/I]
Monday-Friday (between 10:30am-11:30am EST)
[I][B]“Scandi Daily”[/B] –[/I] [I]A Specialized Daily Fundamental and Technical Overview of the Nordic Currencies. [/I] (This report is only distributed through email. Please contact [email protected] if you would like to be added to distribution.)
Monday-Friday (between 11:30am-12:30pm EST)
[I][B]“Daily Classical”[/B] – A Daily Technical Overview of the Major Currencies. [/I]
Monday-Friday (published between 2:00pm-3:00pm EST)