USD/JPY Buy Recommendation Issued @97.60


[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
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