USDJPY: Outlook Continues To Point Lower.

USDJPY: Weakness continues to be seen in early trading today pushing the pair further lower and opening up threats towards the 94.45 level, its Jun 01'09 low though a potential hammer is now shaping up. A clearance of the 94.45 will leave the pair aiming at the 93.89 level, its May 22'09 low with a clean violation of that level calling for the resumption of its declines initiated at the 101.43 level, its 2009 high. Its daily stochastics is bearish and pointing lower suggesting further downside weakness. Nearby resistance lies at the 97.23 level, its May 28'09 high before the 98.88 level, its Jun 05'09 high and then its May 07'09 high at 99.74. Above the latter will signal a return to its YTD high at 101.43. On the whole, the pair must turn back above the 98.88 level to reduce its current downside pressure and target higher prices.

Support Comment
94.45 Jun'01'09 high
93.89 May 22'09 low
92.75 Feb 23'09 high

Resistance Comments
97.23 May 28'09 high
98.88 Jun 05'06 high
99.73 May 07'09 high

Daily Chart: USDJPY

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