USD/JPY Outlook Becoming Bearish
Trend Recognition | Apr 07, 2014 02:54AM ET
USD/JPY: 103.26
Short-Term Trend: sideways
Outlook: Last week the daily chart was looking more bullish that it looks now even thouth the prices are now higher. The US dollar advanced strongly to 104.12, but pulled back after the employment report on Friday. As result, the outlook is now more neutral than anything. As I see it, a flag pattern has developed from the early Feb low. If this pattern is indeed a flat, we will soon see a break below 101.20 and the outlook will become bearish. On the other hand, a move abv 104.65 will confirm the bullish idea discussed last week.
Strategy: Holding long from 102.90 is favored. Stop=102.40.
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