You can see that price finally broke under the multi-week supporting trendline. I retested it succesfully, and then shot back down. I think this is very bearish, and since USD/JPY and SPX tend to correlate, it supports my view that the stock market will drop soon as well. As long as price closes below the trendline for the day, I will look to short.
5/08/2008
USD/JPY Short potential (Update)
I last posted about the USD/JPY here. I am still expecting lower prices from here on out. If the trendline-breakout can hold on the daily chart, I will consider looking for a short entry.
You can see that price finally broke under the multi-week supporting trendline. I retested it succesfully, and then shot back down. I think this is very bearish, and since USD/JPY and SPX tend to correlate, it supports my view that the stock market will drop soon as well. As long as price closes below the trendline for the day, I will look to short.
You can see that price finally broke under the multi-week supporting trendline. I retested it succesfully, and then shot back down. I think this is very bearish, and since USD/JPY and SPX tend to correlate, it supports my view that the stock market will drop soon as well. As long as price closes below the trendline for the day, I will look to short.
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