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Daily Forex Technicals |
Written by FXTechstrategy |
Feb 21 12 09:22 GMT
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USDJPY - Upside Momentum Intact, Set To Extend Bullish Momentum
USDJPY - Our outlook on USDJPY remains higher as long as it holds above the 78.18/27 levels. With the pair now holding above the 79.49 level, the next upside target resides at the 81.47 level, its July 08'2011 high and subsequently the 82.21 level, its May 24'2011 high. Its daily RSI is bullish and pointing higher suggesting further strength. On the other hand, a break back below the 78.18/27 levels if seen could put on hold its present upside offensive and push the pair back to the 77.35 level, its Feb 14'2012 low and then the 76.01 level. Below here will aim at the 75.57 level, its Oct'2011 low and possibly lower towards the 74.00 level, representing its psycho level. All in all, the pair is biased to the upside in the near term.
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About the Author
Mohammed Isah
Market Analyst
www.fxtechstrategy.com
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
