3rd Update, Tue 01. Sep 2009: The position below has been stopped out. The approach is stil valid. e.g. yesterday Daily FX recommended a buy at 92.05 click here.
At the moment I will wait to see if we reach the former lows at 91.80 and 87.00
2nd Update, Thu 27.08.09, 22.14 GMT: The USD was weak during the US session, especially vs. the EUR. That also impacted the USD/JPY exchange rate. The US$ dropped to 93.20, just before the Stop-Loss of 93.15. Since the USD came back to 93.50 forming an other candle with a long lower shadow. This indicates the market is rejecting the lower prices. Chances for a reversal are there. However, event-risk (J and US data on Fri) and the negative USD momentum are still a considerable risk. For new positions better wait till next week.
An update re my post from yesterday. I mentioned to wait for a reversal formation around 94.00 in the 4hr or daily chart. A Hammer Pattern formed in the 4hr chart. I went long with a small amount. Stop-Loss at 93.15.
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