USDJPY: Outlook Lower With Eyes On The 76.18 Level

USDJPY – Having followed through lower on the back of its flat close in May 2011, further bear pressure looks to push USDJPY towards its 2011 low at 76.18. With corrective attempts rebuffed at the 85.52 level in April followed with continued downside pressure, a break of the 76.18 level could trigger further declines. In such a case, the 74.00 level and the 72.00 level, representing its psycho levels will be targeted. Its monthly RSI is bearish and pointing lower suggesting further weakness. On the upside, the pair will have to close above the 85.52 level to reverse its present bear threats and bring further gains towards the 89.15 level, its July’2010 high. Further out, a break of that level will allow for more gains towards the 91.58 level, its April 19’10 low  and subsequently the 94.97 level.

 

usdjpy3000.gif

 

 

This is an excerpt from The Professional Suite package, a 7-currency model analysis utilized by all levels of traders. See Plans and Pricing

This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com 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 FXTechstrategy.com incurs any responsibility. FXTstrategy.com 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