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Daily Forex Technicals |
Written by FXTechstrategy |
Jan 27 12 16:01 GMT
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USDJPY: Bears Take Control, Risk Seen Towards The 76.54 Level
USDJPY: The pair is now on a second day of sell off following its failure to continue its recovery strength started from the 76.54 level. It looks like USDJPY could be building up downside momentum with the possibility of returning to the mentioned support at 76.54 level, its Jan 17'2012 low. If that level is taken out, further declines should shape up towards its 2011 low at 75.57 where a violation will aim at the 74.00 level ahead of the 73.00 level, all representing its psycho levels. Its daily RSI is bearish and pointing lower supporting this view. Alternatively, in order for the pair to restart its bullish strength, it will have to break and hold above the 78.20/27 levels. This will open up further upside towards the 79.49 level, its Oct 2011 high followed by the 81.47 level, its July 08'2011 high and subsequently the 82.21 level, its May 24'2011 high. All in all, USDJPY is biased to the downside long term which is consistent with its present bear threats.
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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
