December Japanese yen futures a selling opportunity on more price weakness.Monday, October 1st, 2012
See on the daily bar chart that the December Japanese yen futures, traded at the Chicago Mercantile Exchange, on Friday scored a big and bearish “outside day” down on the daily bar chart and closed at a bearish weekly low close as the bears gained some fresh downside near-term technical momentum. Also, it’s near the recent high that previous uptrends have been halted. A move below solid technical support at 1.2810 would provide the bears with better downside technical momentum and it would also become a fresh selling opportunity. The downside price objective would be 1.2550, or below. Technical resistance, for which to place a protective buy stop just above, is located at this week’s high of 1.2977.