Daily Technical Strategist
Today's Focus: USDJPY & GBPUSD
- USDJPY: Looks To Sustain Its Recovery Higher
- GBPUSD: Clears And Holds Above The 1.5373 Level.
USDJPY
USDJPY: Although the pair traded lower Tuesday, its looks to build on its corrective recovery triggered at the 94.55 level on Monday. With USDJPY now holding above the 95.62 level, its April 28'09 low, further upside is expected towards the 99.73 level, its May 07'09 high and then the 101.43 level, its April 06'09 high. Beyond the latter will resume its short term upside set off at the 87.13 level towards the 102.42 level, its Oct 20'08 high. Its daily RSI has turned higher suggesting further upmove. Support is see at first at the 95.62 level, its April 28'09 low before the 93.54 level, its Mar 19'09 low and then its Feb 09'09 high at 92.40. On the whole, having halted its downmove, threats now remain to the upside.
Support Comment
95.95 Mar 30'09 low
94.55 May 18'09 low
93.54 Mar 19'09 low
Resistance Comments
97.62 Daily 200 ema
99.73 May 07'09 high
101.43 April 06'09 high
GBPUSD
GBPUSD: Continues upside offensive saw the breaking above its strong resistance levels at the 1.5352 level, its May 12'09 high and the 1.5373 level, its Jan 08'09 high to close higher above its daily 200 emaon Tuesday. With this price development, GBP is now biased to head further higher towards the 1.5724 level, its Dec 17'09 high and possibly higher. It remains supported by its rising daily RSI. On the downside, its eroded the 1.5337 level, its May 12'09 high and the 1.5373 level, its Jan 08'09 high should now reverse roles and provide support. Below there if seen will clear the way for more declines towards the 1.5066 level, its April 16'09 high ahead of the 1.4836 level, its May 04 09 low followed by its April 27'09 low at 1.4517 level. All in all, GBP is now poised to head further higher having resumed its short term uptrend
Support Comments
1.5373 Jan 08'09 high
1.5066 April 16'09 high
1.4836 May 04 09 low
Resistance Comments
1.5722 Dec 17'08 high
1.6196 Nov 05'09 High
1.6671 Oct 30,08 high
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
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