04 May 2010

USD/JPY : SHS Bottom Back in Play

  • Long USD/JPY incubator trade at 93.73 average (27Apr+30Apr). Assumption was weekly SHS might still work, after a vicious whiplash back below the 93.76 NL to inflict maximum pain on market.
  • Now at 94.92, above recent high of 94.76, and way above the original NL. Stopped-in further long here at 94.80. Time to turn this into a proper trade.
  • On weekly and daily charts, can make out a series of higher highs and higher lows now.
  • Monthly downTL was broken 2 months ago.
  • Weekly SHS bottom upside objective is 102.71.
  • 30Apr BOJ statement : "to support private financial institutions in terms of fund provisioning with a view to strengthening the foundations for economic growth".