WorldBestPortfolio.com has released our 2nd analysis for 19 May 2010. Please read this post for more on our take on today’s market.
NZDJPY
NZDJPY has fallen to its support at 60.586. We’re beginning to watch the pair for possible climb back to the resistance at 68.714.
However, the pair has fallen very rapidly to the support, and we should allow the pair to consolidate a little before deciding to place a long trade.
Should the support be broken, we could see NZDJPY fall to 57.00.
CADJPY
CADJPY has found support on the trendline. Its supported by a very mild support at 86.50. We must however stress that the support at 86.50 is judged to be very mild, and we should let it show a upward movement before entering a trade.
Should the trendline hold true, we could see it climb up to 92.00 or 94.00.
USDJPY
We mentioned a few days back that we should watch USDJPY for possible support along the trendline, currently at 90.80.
A long opportunity for USDJPY could occur here. However, we’ll prefer to see it drop to the 89.00 or 88.20 level for a higher probability trade.
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