Tuesday, July 12, 2011

USD/JPY Most of the big stops are now done

USD/JPY Most of the big stops are now done
Very nasty move in USD/JPY once it broke below 79.10 and 79.00 but I believe that most of the big stops are now done. Some players will still be caught long so rallies back above 79.00 may be heavy in the short-term but if we can hold above 78.50 until Tokyo comes in, then the panic selling should die down.
EUR/JPY traded to a low of 109.56 during the panic run and there’s not much technical support on the charts until the spike low at 106.50. The way things are going we might see that level very soon.
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