Nima Azadi's  Instablog

Nima Azadi
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Nima Azadi has been engaging in financial markets for over 10 years. His experiences vary from investing and trading in the Tehran Stock Exchange (TSE) and Foreign Exchange Markets to mentoring and consulting on the technical aspects of financial analysis. He is frequently quoted in the Iranian... More
My book:
Duel with the Trend
  • USD/JPY Technical Outlook - 1 0 comments
    Sep 18, 2013 11:36 AM | about stocks: FXY

    This pair is rising within an ascending channel. Since the price is in the upper band of the pitchfork, it seems that the bulls have the upper hand.The HD+ formation in MACD increases the bullish power strongly.

    The safest area to place the buy orders will be the 98.35 level. We expect the USD to rise as high as 102.30 against the Yen in the intermediate term.

    It should be noted that this analysis is valid as long as the price is above the 96.80 level.

    (click to enlarge)

    Disclosure: I have no positions in any stocks mentioned, but may initiate a short position in FXY over the next 72 hours.

    Stocks: FXY
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