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- Friday, 16 October 2009 20:19:30 GMT FX Technical Weekly
- Friday, 16 October 2009 15:38:06 GMT Australian & New Zealand Dollar Outside Days Warn of Reversals
- Friday, 16 October 2009 09:48:52 GMT Euro Finding Offers Ahead of 1.5000; Kiwi Sell Recommendation Issued (Morning Slices)
- Thursday, 15 October 2009 14:32:51 GMT British Pound Surges into Fibonacci Resistance
- Thursday, 15 October 2009 05:24:16 GMT Sterling Finally Plays Catch-Up (Morning Slices)
- Thursday, 15 October 2009 07:56:53 GMT EUR/USD Sell Recommendation Issued @1.5035 (Daily Classical)
- Wednesday, 14 October 2009 14:56:16 GMT US Dollar Slips Lower; Euro Resistance Line at 1.5000 Today
- Wednesday, 14 October 2009 06:46:55 GMT Euro Surge Exposes Psychological Barrier (Daily Classical)
- Tuesday, 13 October 2009 18:19:16 GMT New Zealand Dollar Shows Reversal Characteristics
- Tuesday, 13 October 2009 07:47:43 GMT Euro Double Top Prospects Intact (Daily Classical)
- Monday, 12 October 2009 14:39:22 GMT Canadian Dollar Reaches Measured Objective Above 1.0300
- Monday, 12 October 2009 07:35:23 GMT Euro Carving Double Top (Daily Classical)
- Monday, 12 October 2009 07:35:23 GMT Euro Carving Double Top (Daily Classical)
- Friday, 09 October 2009 21:51:30 GMT FX Technical Weekly
- Friday, 09 October 2009 08:17:49 GMT British Pound Consolidates, Euro Hints Double Top Against US Dollar
- Thursday, 08 October 2009 14:42:21 GMT Dollar Fear Escalates as Prospect of a Panic Decline Emerge
- Thursday, 08 October 2009 06:28:39 GMT Prospects Fade for USD Bulls (Daily Classical)
- Wednesday, 07 October 2009 14:32:02 GMT Dollar Fights Back-AUD and NZD Reach Early 2008 Prices
- Wednesday, 07 October 2009 06:41:58 GMT Euro Stops Narrowly Averted (Daily Classical)
- Tuesday, 06 October 2009 18:26:25 GMT EUR/GBP Failure at Resistance Provides Scalping Opportunity
After peaking to a high of 110.69 on August 15th, the USDJPY plunged to a low of 90.90 last week, and may offer profitable opportunities for forex traders.
Currency Pair: USD/JPY
Chart: 60 Min Charts
Short-Term Bias: Bearish
Analysis Update
Over the last few hours of trading, the USDJPY dipped below 99.00 to fill in the gap from earlier this morning, but snapped back after triggering an oversold RSI signal. Over the remainder of the trading session, I anticipate the downward momentum to drag the pair lower, and expect the dollar-yen to cross below the 120 SMA by the end of the trading session. Over the week, we may see increased selling pressures for the greenback drag back to the downside, and may test the 10/29 low of 96.08. However, the fundamental event risks scheduled for the next 24 hours may call for a change in our outlook.
Analysis
After peaking to a high of 110.69 on August 15th, the USDJPY plunged to a low of 90.90 last week, and may offer profitable opportunities for forex traders. Over the last two months, the flight to safety has certainly increased bullish sentiment for the Japanese yen, and the low-yielding currency may continue to benefit from its safe haven status. Meanwhile, at the beginning of this week, increase buying pressures led the USDJPY to reach a high of 100.50, but the lack of momentum dragged the pair lower and should continue to move lower over the week. Over the next few hours of trading, I anticipate the pair to hold its current range, and we may see the dollar-yen work its way below the 120 SMA. Be sure to check out other Technical Reports from DailyFX for additional information on the major currency pairs.
To contact the author of this article, please email: dsong@fxcm.com
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