USD/JPY vulnerable above 78.80

By Charmer Charts

The USD/JPY kept adding gains to 78.80, but Charmer Charts analysts advise taking profit there for now: “We are overextended on the short and med term charts therefore any move beyond 78.80 is looking a bit on the vulnerable side”, says Carol Harmer.

On the downside, she says: “We would look for weakness to hold the 78.30/15 support and we would re-enter longs, keeping stops below 77.90”, while after the correction, a move higher will bring the USD/JPY to 79.60, Nov-2011 highs.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: