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USDJPY Support Expected Under 8200

By , Sr. Technical Strategist
12 March 2012 13:51 GMT

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Afternoon Technicals (all charts)

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Morning Notes:

EURUSD –Resistance early in the week is 13145/65 and 13210 although the latter is unlikely to be reached if the early week trend proves bearish. Downside levels of interest are the 2/16 low at 12974, 100% extension of the 13485-13103 decline at 12900, and 1/13 high at 12878. A break of the downward sloping channel would indicate that the decline from 13485 is probably impulsive and shift focus to the January low.

USDJPY_Support_Expected_Under_8200_body_eurusd.png, USDJPY Support Expected Under 8200

Prepared by Jamie Saettele, CMT

GBPUSD –The GBPUSD is already testing its downward sloping channel and a break below would indicate that the decline from 15991 is probably impulsive and headed towards the January low. Near term downside levels of interest are the 100% extension of the 15991-15696 decline at 15537 and 1/10 high at 15500.

USDJPY_Support_Expected_Under_8200_body_gbpusd.png, USDJPY Support Expected Under 8200

Prepared by Jamie Saettele, CMT

AUDUSD – “Late February / early March action in the AUDUSD is strikingly similar to early February action. Both drops consist of 3 waves and were followed by sharp rallies off of the lows. The current swings are one degree larger. Currently in ‘no man’s land’, resistance is 10690-10715 and support is 10590. The suggestion from the comparison is that price is vulnerable to violent swings in both directions, perhaps even a test of the recent low (and maybe the sought after 10450).” The AUDUSD has dipped to a new low. Watch 10430/50 for support. Exceeding 10575 would suggest that a low is in place.

USDJPY_Support_Expected_Under_8200_body_audusd.png, USDJPY Support Expected Under 8200

Prepared by Jamie Saettele, CMT

NZDUSD – The NZDUSD has failed to test last week’s low, triggering a divergence with the AUDUSD (which is common at turns). In any case, 8080 remains a level to keep an eye on for support if reached.

USDJPY_Support_Expected_Under_8200_body_nzdusd.png, USDJPY Support Expected Under 8200

Prepared by Jamie Saettele, CMT

USDJPY –The next objective is 8550 and support this week is 8160/90. Stay bullish as long as price is above 8055. See Friday’s weekly for additional commentary.

USDJPY_Support_Expected_Under_8200_body_usdjpy.png, USDJPY Support Expected Under 8200

Prepared by Jamie Saettele, CMT

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

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12 March 2012 13:51 GMT