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Monday, 23 November 2009 GMT
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Yen Technical Outlook
Friday, 29 May 2009 15:17:53 GMT
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US Dollar / Japanese Yen
The USDJPY remains at risk of further losses as it has clearly reversed off of significant 200-day Simple Moving Average resistance and turned lower. The pair now finds itself at makeshift price floors of the 100-day SMA, but more firm support is seen at 3-month lows of 93.85. Said level roughly coincides with the 50.0 percent Fibonacci retracement of the broader 87.20-101.50 move and will likely provide a strong challenge for bears. Nearest resistance remains the 200-day SMA at 97.25.
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