USDJPY Turns Off Channel Resistance.
USDJPY: With an unsuccessful test of its channel resistance, USDJPY sold off sharply Thursday to
close lower at 95.81. We retain our
call for downside weakness while the pair maintains within its declining channel suggesting that weakness should shape up towards the 94.45 level, its Jun 01’09 low with a clearance of there leaving the pair aiming at the 93.89 level, its May 22’09 low. A clean violation of that level will call for the resumption of its declines initiated at the 101.43 level, its 2009 high. Resistance starts at the 96.80 level, marking its channel resistance with a turn above there exposing the 98.88 level, its Jun 05’09 high and then its May 07’09 high at 99.74. Beyond there if seen will trigger further upside towards its YTD high at 101.43. On the whole, USDJPY remains pressured to the downside while trading within its falling channel.
Support Comment
94.45 Jun’01’09 high
93.89 May 22’09 low
Resistance Comments
96.80 Channel resistance
98.88 Jun 05’06 high
99.73 May 07’09 high
101.43 YTD high
Turns Off Channel Resistance.
USDJPY: With an unsuccessful test of its channel resistance, USDJPY sold off sharply Thursday to close lower at 95.81. We retain our call for downside weakness while the pair maintains within its declining channel suggesting that weakness should shape up towards the 94.45 level, its Jun 01’09 low with a clearance of there leaving the pair aiming at the 93.89 level, its May 22’09 low. A clean violation of that level will call for the resumption of its declines initiated at the 101.43 level, its 2009 high. Resistance starts at the 96.80 level, marking its channel resistance with a turn above there exposing the 98.88 level, its Jun 05’09 high and then its May 07’09 high at 99.74. Beyond there if seen will trigger further upside towards its YTD high at 101.43. On the whole, USDJPY remains pressured to the downside while trading within its falling channel.
Support Comment
94.45 Jun’01’09 high
93.89 May 22’09 low
Resistance Comments
96.80 Channel resistance
98.88 Jun 05’06 high
99.73 May 07’09 high
101.43 YTD high
USDJPY: Turns Off Channel Resistance.
USDJPY: With an unsuccessful test of its channel resistance, USDJPY sold off sharply Thursday to close lower at 95.81. We retain our call for downside weakness while the pair maintains within its declining channel suggesting that weakness should shape up towards the 94.45 level, its Jun 01’09 low with a clearance of there leaving the pair aiming at the 93.89 level, its May 22’09 low. A clean violation of that level will call for the resumption of its declines initiated at the 101.43 level, its 2009 high. Resistance starts at the 96.80 level, marking its channel resistance with a turn above there exposing the 98.88 level, its Jun 05’09 high and then its May 07’09 high at 99.74. Beyond there if seen will trigger further upside towards its YTD high at 101.43. On the whole, USDJPY remains pressured to the downside while trading within its falling channel.
Support Comment
94.45 Jun’01’09 high
93.89 May 22’09 low
Resistance Comments
96.80 Channel resistance
98.88 Jun 05’06 high
99.73 May 07’09 high
101.43 YTD high
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