USD/YEN still a sell on rallies

Sooner or later we are going to get a corrective bounce in USD/YEN. But the downtrend is still strong and we should be willing to try shorts at key levels. If we surge higher today, then you can sell above 101.70 with stops at 101.88. If the move happens tomorrow, 14th October, then you will probably be better off selling earlier, say 101.40 with stop at 101.55. If you don’t get the recovery by 14th Oct, then forget this idea and look elsewhere. Here is your chart! jpy-13-oct-2008