02 February 2012 at 7:18 GMT
With a loss on USDJPY of over 2 Big Fig’s from the 25th Jan high, and
with signals for sentiment at oversold extremes, buyers emerged at
levels marginally higher than 76.00. Follow through bullish sentiment
resulted in the 4 hour trend of lower highs being broken. Although some
selling pressure has been posted in Asian trading this is assessed to be limited. In view of this our call is Bullish above 76.02.
The immediate profit objective is 76.36, yesterday’s high, with
a move above that point targeting 76.51, half the net losses from
Monday, then towards 76.80, this week’s high trade.
The risk to this call is that buying interest is weaker than currently
assessed. This would be signalled by a move through 76.02, the 13 week
low.
