usd-jpy

USD/JPY – Remains locked in an intense downtrend, with the latest setbacks below 89.00 to likely open a direct retest of the recent trend lows by 88.00 over the coming sessions. Below 88.00 will then unlock the critical matched trend lows from late 2008 and early 2009 by 87.15. A lower top is now sought out by 90.60 with only a break back above this level to delay bearish structure.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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