10 February 2010

EUR/JPY : Added Short @ 123.67 Bear Flag

  • Initial short @ 126.55.
  • Monthly : Down.
  • Weekly : Downside objective 114.52. 2 key levels taken out 126.85 and 124.33.
  • Daily : Low of this down leg = 120.64. Read this current pull-back to today's high of 124.28 (just short of 124.33) as a bear flag. Rally appears to be running out of steam so added to short @ 123.67 now.
  • Next action = Sell stop-in below 120.64.

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