USD-JPY: 12 August 2013, Monday, 8.05am Singapore Time
Attached is the chart of the USD/JPY. An up-move in the USD/JPY generally means appreciation of USD with respect to JPY, and a depreciation of JPY with respect to USD.
Japanese Yen will be undergoing shorts covering (i.e. USD/JPY is to come down due to this Shorts Covering). This will also serve as a violent flush out of Worldwide Japanese Yen Shorts who had shorted on the Abenomics news of 2013.
This move towards the Guaranteed ￥83.54-￥85.00 Price Satisfaction Zone (PSZ) in the forex market will go against all logic when Japanese Yen will be bullish despite the stale money-printing news fundamentals.
From current point to Guaranteed ￥83.54-￥85.00 PSZ, all shorts on Japanese Yen will be tarred, charred, charcoal-ed, grilled, fried and vapourise with nasty losses. All longs (against logic) will enjoy more than +1000 pips of profits per contract/lot.
During this correction down in the USD/JPY, Nikkei-225 will be bearish until the Guaranteed ￥83.54-￥85.00 PSZ Support is hit.
Refer past Nikkei Analysis here:
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