This update was acutally writen 8 hours ago, but due to a family issue i could put it on twitter, nor my blog. From the chart you will see the time when i originally wrote it and it was meant to release. Sorry for that (too) late posting.
Well, the neckline is broken, so in classic head-and-shoulder-pattern theory the target is about 88.30, and coincidences with more daily support (Measure the size of the base (two arrows) and subtract that from the breakout point of the neckline for your measured target (two arrows on the right).
However, if risk appetite increases, and some traders are looking for any reasons to start a new rallye, this pair will have a hard time to reach this target. Also to remember that the BoJ is said likely to intervene in the market if this pair falls under 90. The last thing the bank of Japan wants to see is a falling dollar coupled with a stronger yen, regarding the enormous problems the japanese economy and their trade balance faces in the moment. I also cant see why the Japanese yen is regarded as safe heaven. Nothing in the japanese economy let me think the yen is a safe heaven currency. So i personally like to think in taking long positions from 95 and adding to them down every hundred pips (Money management!).
Well, the neckline is broken, so in classic head-and-shoulder-pattern theory the target is about 88.30, and coincidences with more daily support (Measure the size of the base (two arrows) and subtract that from the breakout point of the neckline for your measured target (two arrows on the right).
However, if risk appetite increases, and some traders are looking for any reasons to start a new rallye, this pair will have a hard time to reach this target. Also to remember that the BoJ is said likely to intervene in the market if this pair falls under 90. The last thing the bank of Japan wants to see is a falling dollar coupled with a stronger yen, regarding the enormous problems the japanese economy and their trade balance faces in the moment. I also cant see why the Japanese yen is regarded as safe heaven. Nothing in the japanese economy let me think the yen is a safe heaven currency. So i personally like to think in taking long positions from 95 and adding to them down every hundred pips (Money management!).
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