USDJPY Down She Goes

20 Jul
2012
by in Uncategorized

The USDJPY continues to move lower.  This pair is currently playing without a safety net.  The cross appears to be in a descending wedge.  The only plan of action for me is to wait for a break of the wedge.  Shorting the pair is to risky at this point due to fear of government intervention.

Sup      .78

Res     .7860

Plan:  Waiting for a wedge break.

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