USDJPY - The pair has triggered a correction of its four-week gains as it declined sharply lower the past week to close at 82.69. This technical development has opened the door for more weakness as we enter a new week possibly towards the 81.64 level, its Nov 12'10 low. Further weakness if seen will target its 2010 low at 80.23 with a turn below that level paving the way for further weakness towards its 1995 low at 79.75 and next the 78.00 level. Its overall long-term bearishness remains supportive of this view. On the upside, it requires a clearance of the 84.39 level, its Nov'2010 high to resume its nearer term uptrend towards the 85.92 level, its Sept 12'10 high. Price hesitation is likely there but if that fails and a break and hold above it occurs, we should see further strength targeting its 50 ema at 87.54. All in all, having halted its bullish recovery after collapsing the past week, further declines are likely.
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This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are the author's own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which the author incur any responsibility. The does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report
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