USD/JPY Remains in Weak Downtrend

USD/JPY: 76.75

USD/JPY Analysis, August 12, 2011

Very Short-Term Trend: weak downtrend

Outlook: The pair remains in weak downtrend and since the market is now overbought and hourly oscillators are moving on to sell signals, another leg down may take place today. And below 76.30 we may see some downside acceleration twd 74.50 level.
On the upside, only abv 77.30 negates, risks larger recovery toward 78.00. 

Strategy: Shorts favorable at market (76.75). Stop=77.25. Target=75.05.

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