USD/JPY - Party is Over??

USD/JPY

1) Sell @90.80, Stop Loss 91.10, immediate supports 90.40 and 90.10

2) If support 90.10 holds going long from there with SL @89.90
to target profit at last Friday high and further up to 91.65.

3) If support 90.10 fails to hold remain in sell targetting 89.550, 8865/35(yummy) and whooaaahahaha 86.75.

I am not favouring a Buy(long) order at current level but would consider one if price reaches 88.35/65 levels. However, if this pair is on some kind of "aphrodisiac" and decides to bull on I will try a sell @ 92.60.

Good luck to me!

P.S.

Err..this is not a trade recommendation, it could be wrong!!! Trade at your own risk!

Tags: Dollar, US, USD/JPY, Yen

3 members like this

Comment by Lisa on January 27, 2013 at 6:22pm: Hey Sun ☼ ~ ommmmm ツ

We have to go to the Monthly to find a horizontal RESISTANCE level :

Long lower tails demonstrates those traders constantly trying to SELL the top :

BULL trend with an average of 3 days of correction / pull-back :

healthy corrections in a BULL trend :

waiting for confirmation :

*Confirmation* doesn’t always get the best price ...

Comment by TONY on January 27, 2013 at 9:54pm: Intersting post, Sundaram and good observation, Lisa.
Yes, confirmation may not give you the best price but give you peace of mind :)

Comment by Sundaram on January 28, 2013 at 7:37am: GBP sliding, will it be 5640?

Comment by Francesc Riverola on January 28, 2013 at 2:31pm: Hi Sundaram
I love your PS:

"P.S.
Err..this is not a trade recommendation, it could be wrong!!! Trade at your own risk!"

Well done!