Quote:
Originally Posted by John Kicklighter
Sticking to your guns, eh? I'm much more concerned about recent price action and have pretty much given up on any short-term USDJPY shorts. As I write this, the pair is pushing above the former head in our heads-and-shoulders formation; and then happens to be a tentative breech of the 38.2% fib of the 117.95 - 107.20 bear wave. The trendline you pulled up is also coming under pressure.
I'm actually starting to entertain the possibility of an bullish trade, but since it goes against the medium term trend it will be small. Perhaps a break above 111.75 for 80 to 100 points.
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If there's anything you should know about me by now John, it's that I'm stubborn. However, I'm not as hell-bent on expecting a drop in the pair..but my bias remains to the downside until there's a solid break above 111.32. However, if we
do see USDJPY push above resistance, I will have no qualms dropping my bearish bias.
