USDJPY: Breaking Down With The 95.95 Level In Focus.
USDJPY: After four days of challenging the 97.78 level, its major emas and the 97.49 level, its rising channel base,USDJPY broke sharply through those support levels today opening further downside risk towards 95.95 level, its Mar 30’09 low.A weekly close below these levels is now underway and that should put the pair on the negative path for a third week in a row having lost momentum at the 101.43 level, its April 06’09 high.Below the 95.95 level will leave the pair targeting the 94.62,its Jan’09 high ahead of its Mar 19’09 low at 93.54.The daily studies are bearish and pointing to the downside suggesting further weakness.However,on any recovery higher from its present price levels,its invalidated support zone(97.49/95) should now reverse roles and provide support thereby turning the pair lower again.Beyond there if seen should push the pair further higher towards the 99.68 level, its Mar 05’09 at first and then the 101.43 level, its April 06’09 high with an eventual turn above the latter resuming its short term upside set off at the 87.13 level towards the 102.42 level, its Oct 20’08 high.On the whole,having invalidated its major emas/channel base,USDJPY is now expected to head further lower in the days ahead.
This is an excerpt from FXT Technical Strategist Plus, a 7-currency model analysis. Take A One Week Free Trial at www.fxtechstrategy.com
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.
