Monday, December 3, 2012

USDJPY Double Top: Targets 80.6-81.2

The move in USDJPY upwards has been too fast and based on a massive QE plan if Abe gets elected. Fact is Abe hasn't been elected yet and even so, will he be able to act on the QE plan he has proposed which has led to a huge move in USDJPY lately. In any case, there seem to be a double top in the daily charts right now. I will sell here up to 82.5 for a target to 80.60-81.22. Closer to the elections on 16th this month, USDJPY bulls may get jittery and start winding down the longs started from 79 levels. This will add fuel to my short position from here.

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