ArnaudKleinveld
Short

Increasing pressure for a serious drop of USDJPY

OANDA:USDJPY   U.S. Dollar / Japanese Yen
Back in November I said it would be a total drop of 10% in 4 to 8 weeks. The total of 10% would accumulate over een series of drops, 50 to 100 pips each. That same week exactly as expected the price made a beautiful example of a drop.

A week later a rally pushed the price further up than the price before. That was a disappointment, even more because of the rainfall of critique I received from our forum. Especially because it was my first public announcement of an analysis it punched a hole in my confidence of being able to judge which direction the market would go, an essential part of a profitable trading strategy.

Nevertheless I held onto my statement and additional research confirmed once more that the US Dollar             would drop substantially against the Japanese Yen             within the earlier said time frame. Then for another three weeks in a row the USD rallied against the Yen instead. That was tough and also when it seemed that selling pressure was getting less.

But then, other analysts in our forum started to say that the Dollar was showing signs of weakness and correlating assets were starting to show signs of reversal. Now in the last week of December a clear wedge of increasing buyers and sellers is pushing the price over the edge into the Abyss.
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