Usd/Jpy : 25Nov03 - 2009EST 109.45-50

Daily - While we expected a low in the USD, the stop was unfortunately taken out at 107.60 (very close to the low of 107.50-55). That blip down resulted in the Daily Oschist crossing below 0 briefly before crossing back above 0 again. In other words, we are still bullish from here. However, with Cycle moving up quickly, the anticipated move higher may be limited to 110.80 for the time being. Strong support at 108.25-60 should contain any down-move from here.

Hourly - The long at 108.15 last week was unfortunately taken out near the low of 107.50-55 (see previous update below). The move higher has turned Impulsive with a high of 110.05-10 so far but with Hourly Cycle near the high and the averages of MP1 crossing over to the downside, it is likely we see a deeper downward correction from here first (alternatively we will see a sideway consolidation). We are holding just above the Env-mid support at 109.35 but the more significant support is at Qrt Env-low at 109.00 and the Env-low at 108.70.


Strategy:

Daily - still bullish but looks like we have `missed` the ideal buy opportunity last week.

Hourly - Cycle is near the high, we are either going for a deeper correction or trade sideways from here. OHCR Sell was triggered but as we consider any move lower to be corrective, we favor waiting for Cycle to make a low before monitoring for buy set-up (may take 24 hours or more).