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Today's FX outlook for Japanses Yen
Thursday, February 09, 2012
by Carol Harmer of Charmer Charts
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Usd/Jpy has reached our first target of 7715. As stated yesterday we would be looking to cover longs around this point ...However we do still look strong from the charts and technical data is positive so we maintain policy of buying into short term weakness… We see 7680 as a good interim support level now...and we will buy dips to here and we would only reverse if we lost 7645. Now a break above 7725 has further bullish implications and we would see the market rise towards 7740 first target, but with greater potential to try for the med term 38% fib level of 7796 before strong selling pressure will be activated.
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About the author
Carol Harmer has over 30 years experience of analysing and trading the world’s markets and is undoubtedly one of the most respected technical analysts in the world today.
Her career started in the early eighties, trading futures on the floor at LIFFE where she quickly discovered Technical Analysis as a way to maximise profits. She was one of the first traders on LIFFE to discover and study this form of analysis and quickly became widely recognised as an expert in its use as well as highly profitable.
This soon led to a position as Senior Technical Analyst for Midland Bank. She was later head hunted for the role of Manager of Technical Analysis for Nomura Bank and then as Head of Technical Trading at Credit Suisse. Carol is also one of the first T/A's from a bank to join the STA (The Society of Technical Analysts) in the mid 80's and has trained and worked with some of the UK’s leading technical analysts.
In 1996 Carol launched 'Charmer Charts' to train independent traders in technical analysis and became the first person to provide daily forecasts for the established traders on the LIFFE floor.
She returned to the floor, trading her own account, advising traders throughout the day and continued her appearances on Bloomberg, CNBC and Reuters financial TV where she provided her valued, expert opinion on the direction of financial markets.
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