Daily USDJPY chart 13 May 09

Posted by Keat at 2:18 PM Thursday, May 14, 2009


The technical head-and-shoulders formation on the daily USDJPY chart has prompted us to consider shorting USDJPY.

Neckline break at 96.50 earlier today suggests that a 89.60 target is possible medium-term

Momentum indicators are currently pointing lower

Retail Japan currently has biggest long USDJPY exposure in the last 6 months. Time for a shake-out?


Risk - Appetite for risk extends on improving global outlook, S&P risies to 1,000+

As such, we suggest selling 1/2 position now (96.45), adding to the position on any retracement back to 97.25 with a stop on the whole position above 98.20. Initial target 93.00 then 90.00.

Source from Saxo Capital Markets
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