Posts tagged ‘vulnerable side’

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.

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