USDJPY taking a breather before resuming its downward trend
Muhammad Zeeshan Ali from AMZ Capital at 02/01/10
USDJPY: (90.29)
USDJPY is taking some retracement at the moment and it seems to be setting itself up for a nice extended dip towards 88.50 level and mostly traders will look to sell USDJPY on decent levels to capture the move. Currently a good selling level can be seen just around 90.55 level and we might see USDJPY touching that level couple of times before taking a dip towards 89.00 level. If the upward move is extended above 91.00 level, then a good weekly resistance is present at 91.05 and sell USDJPY for a second entry around that level can be a good option for a bit aggressive traders.
TRADE:
Sell USDJPY @ 90.55 and Sell again (if required) at 91.05 for Profit Level @ 89.30 with Stop @ 91.40 level. Profit target can be extended to 88.30
