USDJPY: Looks To Build On Corrective Recovery.
USDJPY: Though still vulnerable to the downside, USDJPY
put in its first positive weekly
close since collapsing off the 94.97 level the past week. If a fol
low-through higher on that gain materializes as we enter a new week, a run at the 92.95 level, its May 18’10 high is likely. A break above there will clear the way for more recovery towards the 93.63 level, its May 13’10 high where a cap is expected. On the other hand, supports are seen at the 90.66 level, its May 26’10 high and the 88.94 level, its May 20’10 low with a break below the latter targeting its May 06’10 low at 88.23 and the 88.12 level, its Mar 04’10 low. Other supports are sited at its Dec 09’09 low at 87.35 and its 2010 low at 84.80. All in all, although USDJPY remains vulnerable, it faces a corrective recovery higher and may likely test higher prices.
USDJPY: Looks To Build On Corrective Recovery.
USDJPY: Though still vulnerable to the downside, USDJPY put in its first positive weekly close since collapsing off the 94.97 level the past week. If a follow-through higher on that gain materializes as we enter a new week, a run at the 92.95 level, its May 18’10 high is likely. A break above there will clear the way for more recovery towards the 93.63 level, its May 13’10 high where a cap is expected. On the other hand, supports are seen at the 90.66 level, its May 26’10 high and the 88.94 level, its May 20’10 low with a break below the latter targeting its May 06’10 low at 88.23 and the 88.12 level, its Mar 04’10 low. Other supports are sited at its Dec 09’09 low at 87.35 and its 2010 low at 84.80. All in all, although USDJPY remains vulnerable, it faces a corrective recovery higher and may likely test higher prices.
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