Dislikedlast day, i thought UJ is in downtrend..
as i see in daily chart, UJ break the neckline of head 'n shoulder.. even break up-trendline on H4..
but i doubt about my thought lately, last day movement which drag UJ up to 107.80 made me doubt about downtrend.. then there's anouncement on fennie 'n freddie this weekend, what do you think guys if the treasury inject billion$ as their promise?
"Pacific Investment Management Co., manager of the world's biggest bond fund, and other large investors may put in their own money once the Treasury decides to inject government funds, Bill Gross, co-chief investment officer at Newport Beach, California- based Pimco, said yesterday in a Bloomberg Television interview."
imho, as long 108.30-40 hold, downtrend is still in play..
your comment please
http://img219.imageshack.us/img219/1...818x477th5.jpg
http://img84.imageshack.us/img84/8231/h4818x477gz7.jpgIgnored
The test of 105.5 was a test of the bottom of the upward trending channel on an 8 hour chart
The 8 hour candle for Friday really looks like a bullish piercing reversal candle / morning star formation ...which when looked at on a 4 hour is a very bullish morning star candle formation
Now if that trend line on the RSI breaks to the upside we could see a re test of the 109 - 110 area
The fact that we have a higher low on the UJ 8 hour shows us the UPTREND is still intact
If we get above 108 ( 50 sma on the daily ) then the uptrend will continue
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