Posts tagged ‘term charts’

February 16, 2012

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.

February 16, 2012


By Carol Harmer

“Euros failed on the topside and overnight we have seen 1.3010 target hit. All shorts have been covered…
we may well see a small bounce off these lower levels, but the market does remain looking weaker
and we view any short term strength as a opportunity to re-instate shorts.
From current 1.3010 support we could move back to 1.3175/85 without too much trouble. A move back to
here would ease the oversold scenario evident on the short term charts and provide a good opportunity to
re-establish shorts. Stops to be kept fairly tight above 1.3245. stated…we have support at 1.3010. If we lose this support and more importantly maintain below
here there is every chance we will go back and visit the lows of 1.2630/20 overall. Obviously we have
support levels prior this bigger one, and 1.2935 to 1.2880 would offer a realistic target over the next two
trading sessions.”