8/31/09 – 3:30 pm MST –
September Japanese yen –Long from 1.0710 – Last price @ 1.0758 – The sharp decline in global stocks from China to the U.S. supported the Yen, as investors exited higher-yielding assets and took refuge in the Japanese currency. The Yen used Friday’s inside day as a launching pad and traded to a new four-week high and posted the second close above the previous swing high (1.0707). This increases the probability of the market reaching the 1.0900 target objective on or before the September 3rd swing trade date (reversal date). Hold the long position and raise the stop loss to 1.0625. To view a chart with reversal date and target objectives go to www.reversaltracker.com/blog
