USD/JPY Daily Chart - 23rd February 2009

USD/JPY Daily Chart - 23rd February 2009

Friday’s candle provided yet more evidence that the breakout to the upside is likely to continue this week, with all three moving averages now providing solid support to the move. Having broken above the $93 region we now have a relatively clear run up to the $95 region which is my next target for intra day trading. This mornings trading has given us an excellent entry point with a small reversal ( remember never buy on an up bar, and never sell on a down bar) back down to the 93.29 level, so I would suggest you buy at this point and hold for today and possibly into tomorrow as the day unfolds.

The short term and medium term is bullish, the long term outlook is sideways.