June 6, 2008

Oil, Employment, and USDJPY

Oil above 128 $/barrel and Employment Situation report ahead, I think it is enough to limit USDJPY from going higher.

Technically, MACD show clear divergence and RSI is returned below 70, and the hourly chart show double-top shape.

I am short on USDJPY now, opening at 106.07, targeting 105.30 but it highly depends on market conditions and especially how near it is to report announcement. I will not bet on the release itself. Stop Loss limit is placed above resistance at 106.60, not very conservative.


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