USDJPY: Biased To The Upside.
USDJPY: The pair could be heading to a third day of upside gains having maintained its recovery following its lower level rejection candle printed last week. Successfully pushing through its minor resistance residing at the 99.19 level being its Mar 09’09 high will open up further upmove towards the 99.68 level, its Mar 05’09 high with a cut through that level resuming its recovery triggered at the 87.13 area and exposing its psycho level/Nov 04’08 high at 100.00/55.Above there will call for additional upside gains towards the 102.22 level, marking its double bottom price target. Its daily RSI is positive and advancing suggesting further upmove. Supports are located at the 97.43 level, its Nov 24’08 high and the 96.00 level, its psycho level with the next one positioned at the 94.62 level ,its Jan’09 high. Though not seen yet, the latter level should turn off sharp declines if seen. On the whole, while the pair maintains above the 96.58 and 95.57 levels, risk remains to the upside for the resumption of USDJPY’s bullish recovery started at the 87.13 level.
Support Comments
97.43 Nov 24’08 high
96.58 Mar 06’09 low
96.00 Psycho Level
Resistance Comments
99.19 Mar 09’09 high
99.68 Mar 05’09 high
100.55 Nov 04’08 high
Daily Chart: USDJPY
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