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06-02-2009, 11:07 AM

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AndrewWoo

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Join Date: Apr 2009

Posts: 57

Establishing short USDJPY position

The dominant pattern on USDJPY is a head and shoulders top.

Sell USDJPY at current spot rate with a target of 90.00

Stop loss is at 97.05

The 200 day moving average has provided good resistance and is currently at 97.00

The short term risk of a correction down in U.S. 10 year yields could be a trigger for a move lower in USDJPY.

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