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FOREX & FUTURES day & swing trader.
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  • JPY: Time to short the Yen 0 comments
    Dec 20, 2011 6:32 AM
    According to my previous analysis on the Japanese Yen, 6 months already ended, so it is time to short it now. However, we don't have commodities sold off yet, so this trend  shouldn't be the definite one.
     
    The technical picture is very good for this move.




    We have a nice falling wedge here, this pattern typically resolves against previous trend, i.e. up. There is also a possible channel alignment like described. This would give us the target for the move at 98, making a full channel move inside one of the parallel channels. It is still an unconfirmed bottom on the monthly, to confirm the bottom we must close above 80
    75 level is a very strong pivot, it is the middle point between 50 and 100 on a large scale of trading ranges, this is why I believe the downtrend has considerably diminished
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