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USDJPY: Drift Lower Continues Below 79.00

USDJPY: Drift Lower Continues Below 79.00

2012-09-21 03:46:00
Ilya Spivak, Head Strategist, APAC
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Strategy: Flat

Prices turned lower from Andrew’s Pitchfork resistance to test support at 77.96, marked by the June 1 close and the Pitchfork midline. A break below that targets the September 13 close at 77.47 and the Pitchfork bottom (76.93). Pitchfork top resistance is now squarely at the 79.00 figure, with a break above that exposing 79.65 and 80.39. An actionable trade trigger appears absent for now and we will stand aside until something more compelling presents itself.

USDJPY_Drift_Lower_Continues_Below_79.00_body_Picture_5.png, USDJPY: Drift Lower Continues Below 79.00

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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