USD/ JPY: Weak Uptrend

USD/JPY” title=”USD/JPY” width=”668″ height=”395″ />USD/JPY: 98.97Short-Term Trend: Weak uptrendOutlook:It seems USD/JPY has been tracing out a small triangle from the 99.94 top and if correct we will eventually see a strong move up after some more sideways trading early this week. The next upside target remains at 102.45. The advance from the Sept 2012 low however continues to look corrective to me, so once it is over, we may see a rather deep move lower.On the downside, below 97.00 and particularly below 96.00 will signal that a Short-Term top has finally been reached….Strategy: Longs favored at 97.95. Stop=96.95. Target=102.25.

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