(Click on the chart to enlarge it)
The Yen broke an important support at 93.55. Seems that the bears are unleashed.
I confess that I strongly feel tempted to try to ride this supposed major bearish move.
BUT my trading system does NOT allow me to SELL at support. See the attached daily chart:
* Stochastics are oversold;
* Prices are at a major Bullish Trendline;
* 93.09 is July 22th´s low, the Close of July 13th and the Open of July 14th;
* MACD is already negative and;
* RSI is away from its Moving Average.
Just too many reasons NOT to enter SHORT.
So my strategy is to enter LONG at 93.10 price zone targetting 94.50
